Cuomo taps chief of staff to head combined N.Y. financial regulator

NEW YORK—Benjamin M. Lawsky, chief of staff to New York Gov. Andrew Cuomo, has been nominated as superintendent of a new department that will combine New York’s insurance and banking functions, Gov. Cuomo said in a statement Monday.

James J. Wrynn, currently superintendent of the New York Insurance Department, would become Mr. Lawsky’s deputy.

Mr. Cuomo recently established the Department of Financial Services by merging the New York State Banking Department and the New York State Department of Insurance as part of the state’s budget for the coming fiscal year.

The nominee still must be approved by the New York Senate.

The Risk & Insurance Management Society Inc. in January recognized the validity of Gov. Cuomo’s goal of reducing costs and increasing efficiency, but RIMS also expressed concern that the merger could weaken consumer protections.