New York Department of Financial Services Superintendent Maria Vullo will be leaving the post on Feb. 1, 2019, she announced in a statement Wednesday.
She will likely be replaced by Linda Lacewell, the chief of staff for the recently re-elected Gov. Andrew Cuomo, according to sources in New York.
The governor’s office did not comment on any pending appointment but said in a statement to ThinkAdvisor thanking the superintendent for her service that Vullo “has been a fierce advocate for New Yorkers at a time when the federal government has chosen to put corporations before people. From helping secure billions of dollars in bank settlements over currency manipulation to taking decisive action to safeguard our right to health care, Superintendent Vullo has been an invaluable member of the administration.”
Vullo stated she was “especially proud to have led DFS in cybersecurity,” pointing to the regulation promulgated in March 2017 that became the national standard for banks and insurers.
She also spoke of victories in protecting women’s rights “in the face of federal assaults, ensuring transparency of pharmaceutical costs and promoting responsible and state-regulated fintech companies.”
Vullo has also put in place principle-based reserving (PBR) with a special New York twist.
She announced Dec. 10 an emergency regulation to begin the implementation of PBR effective on Jan. 1, 2020, with guidelines that allow New York, if needed, to go further in its reserve demands than the National Association of Insurance Commissioners’ model.
PBR is a qualitative valuation model for life insurance products that is designed to prevent