New York Department of Financial Services Updates Requirements for Background Investigation Reports

Effective immediately, the New York State Department of Financial Services (NYDFS) has implemented updated background investigation guidelines regarding certain insurance prerequisites.

New York mandates background investigations for insurance companies undergoing processes such as mergers, acquisitions of control, or disclaimers of control. As of today, biographical affidavits and reports obtained from NAIC-approved third-party vendors, such as BIG, are now deemed acceptable alternatives to fingerprint cards for Officers and Directors of New York-domiciled insurance companies. Insurers must submit these reports directly through the department's secure portal.

As an NAIC-approved independent third-party vendor for furnishing background investigation reports, BIG is able to provide services in all states. If you would like to discuss biographical affidavit verifications, please do not hesitate to reach out to your dedicated BIG sales executive, account manager, or our customer service team.

Posted: December 1, 2023

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