New York Department of Financial Services (DFS) Superintendent Adrienne Harris (pictured above) will step down from her position, with Gov. Kathy Hochul appointing Kaitlin Asrow as acting superintendent, effective Oct. 18.
Harris, who was nominated in 2021 and confirmed by the state Senate in January 2022, is the department's longest-serving superintendent, according to DFS. During her tenure, Harris led the implementation of artificial intelligence regulations for insurance underwriting and pricing, amended cybersecurity rules, and addressed health inequalities.
Harris also led the department in expanding oversight of digital currencies and introduced regulations for pharmacy benefit managers.
Asrow, who has served as executive deputy superintendent of the DFS research and innovation division for four years, will assume the acting superintendent role. In her previous position, Asrow helped establish the virtual currency regulatory team and managed regulations for virtual currency companies, the department said.
Before joining DFS, Asrow worked at the US Federal Reserve, where she coordinated innovation policy among 12 district banks and regulatory agencies. She also previously worked for the Center for Financial Services Innovation, now known as the Financial Health Network.
“Between her time at the Federal Reserve, Financial Health Network, and within DFS, Kaitlin is well-suited to lead the department into the future, expanding access to affordable financial services for all New Yorkers while ensuring our great state continues to be a center for responsible innovation,” Hochul said.
Harris has said in recent interviews that four years was the “right amount of time” to lead DFS. When asked about her future plans, Harris said she intends to take “some time to reflect and think through what comes next and look forward to the possibilities ahead.”
“I’m proud of what we have accomplished at DFS over the last four years, working together to build an equitable, transparent, and resilient financial system that benefits individuals and supports business,” Harris said.
New York lawmakers have recently introduced a bill requiring annual transparency reporting from insurers that cover multifamily and nonprofit housing. This legislation would mandate detailed annual reports on insurance availability, pricing, and claims for these sectors, with the DFS superintendent authorized to require special insurer reports and publish aggregated, de-identified statistics.
The DFS has also been involved in a proposed disaster relief and insurance reform package following severe weather events in the state. Senate Bill 7761 would provide grants for storm recovery and climate resilience, and encourage insurers to offer policyholders loss mitigation tools at reduced or no cost.
As part of this package, insurers would be required to file actuarially justified discounts for policyholders who install mitigation features, such as snow load alarms and tornado-resistant roofing. The DFS would oversee the fairness and transparency of these incentives.
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