New York State Insurance Department
[1] In 1849, the Legislature passed a law requiring prospective insurance companies to file incorporation papers with the New York Secretary of State.[1] Eighteen states met that year for the first session of what is now the National Association of Insurance Commissioners ("NAIC").[1] Mismanagement in the life insurance business, including exorbitant salaries and questionable investments, resulted in a 1905 investigation led by Charles Evans Hughes.[1] During the Great Depression, the Insurance Department promoted new rules clarifying insurer investment requirements, setting more equitable determination of cash surrender values and forfeitures, and recognizing up-to-date values and improvements in mortality tables.[4] Following the creation of the New York Department of Financial Services Benjamin Lawsky (2011–2015) and Maria Vullo (2016--) were each appointed and confirmed as Superintendent of Financial Services thereby assuming the powers and duties formerly held by the Superintendent of Insurance.