The Insurance Department is responsible for supervising and regulating all insurance business in New York State. The Department’s mission is to: (1). Ensure the continued sound and prudent conduct of insurers’ financial operations; (2). Provide fair, timely and equitable fulfillment of insurer obligations; (3). Protect policyholders from financially impaired or insolvent insurers; (4). Eliminate fraud, other criminal abuse and unethical conduct in the industry; and (5). Foster growth of the insurance industry in the State. The Department carries out its supervisory function by issuing licenses to agents, brokers, consultants, reinsurance intermediaries, adjusters, and bail bondsmen; conducting examinations of insurers to determine their financial condition, treatment of policyholders and claimants, and underwriting practices; and auditing each company’s annual reports. The Department carries out its regulatory function by determining qualifications of insurers; regulating rates, certain retirement systems and pension funds; reviewing policyholders’ complaints; supervising the liquidation, rehabilitation, and conservation of insolvent insurers; and approving corporate formations, mergers, and consolidations. The Insurance Department was created in 1859 by the New York State Legislature and assumed the functions of the Comptroller and Secretary of State relating to insurance. The Department began operations in 1860. The Department is headed by a Superintendent appointed by the Governor. The agency continued unchanged after the 1925 constitutional reorganization of State Government. In addition to its main office at 25 Beaver Street, Manhattan, the agency has staff in Albany, Buffalo, Rochester, Syracuse, Oneonta and Long Island. The New York Liquidation Bureau, a separate office under the jurisdiction of the Superintendent, is charged with rehabilitating or liquidating insurance companies. It is located in New York City.