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Which statement correctly describes how insurance is regulated in New York today?
A
New York insurers are regulated directly by the NAIC, which issues the binding regulations codified in the NYCRR.
B
Insurance is overseen by an independently elected Insurance Commissioner who reports to the State Legislature.
C
The Department of Financial Services regulates insurance under the Financial Services Law, having absorbed the former Insurance Department, and is headed by a Superintendent appointed by the Governor with the consent of the Senate.
D
The Insurance Department still regulates insurers, while the Department of Financial Services regulates only banks and credit unions.