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Department-Insurance & Banking history
Department-Insurance & Banking company history timeline
In 1843, the Comptroller was authorized to examine a bank only when there was reason to suspect an incorrect report had been submitted or was in an unsafe and unsound condition to continue business.
Until 1849, insurance companies doing business in New York State were chartered by special acts of the Legislature.
The Banking Department was created by the New York state legislature on April 15, 1851.
The Department began operations in 1860.
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