§ 102. Department of financial services. The legislature hereby
declares that the purpose of this chapter is to consolidate the
departments of insurance and banking, and provide for the enforcement of
the insurance, banking and financial services laws, under the auspices
of a single state agency to be known as the "department of financial
services" and to accomplish goals including the following:

(a) To encourage, promote and assist banking, insurance and other
financial services institutions to effectively and productively locate,
operate, employ, grow, remain, and expand in New York state;

(b) To establish a modern system of regulation, rule making and
adjudication that is responsive to the needs of the banking and
insurance industries and to the needs of the state's consumers and
residents;

(c) To provide for the effective and efficient enforcement of the
banking and insurance laws;

(d) To expand the attractiveness and competitiveness of the state
charter for banking institutions and to promote the conversion of banks
to such status;

(e) To promote and provide for the continued, effective state
regulation of the insurance industry;

(f) To provide for the regulation of new financial services products;

(g) To promote the prudent and continued availability of credit,
insurance and financial products and services at affordable costs to New
York citizens, businesses and consumers;

(h) To promote, advance and spur economic development and job creation
in New York;

(i) To ensure the continued safety and soundness of New York's
banking, insurance and financial services industries, as well as the
prudent conduct of the providers of financial products and services,
through responsible regulation and supervision;

(j) To protect the public interest and the interests of depositors,
creditors, policyholders, underwriters, shareholders and stockholders;

(k) To promote the reduction and elimination of fraud, criminal abuse
and unethical conduct by, and with respect to, banking, insurance and
other financial services institutions and their customers; and

(l) To educate and protect users of banking, insurance, and financial
services products and services through the provision of timely and
understandable information.