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Senate Bill S8068A

2015-2016 Legislative Session

Relates to the establishment of a state insurance company advisory board, a state insurance producer advisory board and a state insurance adjuster advisory board

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Archive: Last Bill Status - In Senate Committee Rules Committee

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Bill Amendments

2015-S8068 - Details

Current Committee:
Senate Rules
Law Section:
Insurance Law
Laws Affected:
Add §§201 - 203, Ins L

2015-S8068 - Summary

Relates to the establishment of a state insurance company advisory board, a state insurance producer advisory board and a state insurance adjuster advisory board.

2015-S8068 - Sponsor Memo

2015-S8068 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8068

                            I N  S E N A T E

                              June 9, 2016
                               ___________

Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
  when printed to be committed to the Committee on Rules

AN ACT to amend the insurance law, in relation to the establishment of a
  state insurance advisory board

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The insurance law is amended by adding a new section 201 to
read as follows:
  S  201.  STATE INSURANCE ADVISORY BOARD. (A) THERE SHALL BE WITHIN THE
DEPARTMENT A STATE INSURANCE ADVISORY BOARD TO WORK WITH THE SUPERINTEN-
DENT IN PROMOTING THE DEVELOPMENT AND GROWTH OF THE  INSURANCE  INDUSTRY
IN  THE  STATE. THERE SHALL BE FIFTEEN MEMBERS OF THE ADVISORY BOARD WHO
SHALL BE APPOINTED BY THE SUPERINTENDENT. THE MEMBERSHIP  SHALL  CONSIST
OF   REPRESENTATIVES   OF:   THREE   LIFE   INSURANCE  COMPANIES;  THREE
PROPERTY/CASUALTY INSURANCE COMPANIES; TWO ACCIDENT AND HEALTH INSURANCE
COMPANIES; TWO PROPERTY/CASUALTY INSURANCE PRODUCERS; TWO LIFE  ACCIDENT
AND HEALTH INSURANCE PRODUCERS; AND ONE PUBLIC ADJUSTER.  THE MEMBERSHIP
SHALL  ALSO INCLUDE TWO REPRESENTATIVES OF CONSUMERS. THE SUPERINTENDENT
SHALL MAKE RULES TO GOVERN THE METHOD BY WHICH NOMINATIONS TO THE  BOARD
ARE TO BE MADE AND THE PROCESS FOR SELECTING SUCH MEMBERS, PROVIDED THAT
THE  REPRESENTATIVES  OF  CONSUMERS SHALL BE SELECTED BY THE SUPERINTEN-
DENT.  THE TERM OF EACH MEMBER OF SUCH ADVISORY  BOARD  SHALL  BE  THREE
YEARS,  OR UNTIL A SUCCESSOR IS APPOINTED, AND VACANCIES SHALL BE FILLED
FOR THE UNEXPIRED TERM ONLY.  THE BOARD SHALL MEET AT LEAST THREE  TIMES
ANNUALLY PURSUANT TO THE CALL OF THE SUPERINTENDENT.  THE MEMBERS OF THE
ADVISORY  BOARD  SHALL  RECEIVE  NO  COMPENSATION  NOR REIMBURSEMENT FOR
EXPENSES. THE ADVISORY BOARD SHALL:
  (1) CONSIDER AND RECOMMEND WAYS TO MAINTAIN  AND  GROW  THE  INSURANCE
INDUSTRY  OF  THE STATE, PARTICULARLY FOCUSING ON THE DOMESTIC INSURANCE
INDUSTRY, INCLUDING BRINGING TO THE SUPERINTENDENT'S ATTENTION ISSUES OF
CONCERN TO THE INSURANCE INDUSTRY;
  (2) CONSIDER AND RECOMMEND WAYS TO ENCOURAGE AND FACILITATE  INSURANCE
INSTITUTIONS  IN OFFERING A DIVERSITY OF AFFORDABLE INSURANCE AND FINAN-
CIAL PRODUCTS THROUGHOUT THE STATE;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

2015-S8068A (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Insurance Law
Laws Affected:
Add §§201 - 203, Ins L

2015-S8068A (ACTIVE) - Summary

Relates to the establishment of a state insurance company advisory board, a state insurance producer advisory board and a state insurance adjuster advisory board.

2015-S8068A (ACTIVE) - Sponsor Memo

2015-S8068A (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 8068--A

                            I N  S E N A T E

                              June 9, 2016
                               ___________

Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
  when printed to be committed to the Committee on  Rules  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT to amend the insurance law, in relation to the establishment of a
  state  insurance  company  advisory  board, a state insurance producer
  advisory board, and a state insurance adjuster advisory board

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The insurance law is amended by adding a new section 201 to
read as follows:
  S  201.  STATE  INSURANCE COMPANY ADVISORY BOARD.   (A) THERE SHALL BE
WITHIN THE DEPARTMENT A STATE INSURANCE COMPANY ADVISORY BOARD  TO  WORK
WITH  THE  SUPERINTENDENT IN PROMOTING THE DEVELOPMENT AND GROWTH OF THE
INSURANCE INDUSTRY IN THE STATE. THERE SHALL BE FIFTEEN MEMBERS  OF  THE
ADVISORY BOARD WHO SHALL BE APPOINTED BY THE SUPERINTENDENT. THE MEMBER-
SHIP SHALL CONSIST OF: NINE REPRESENTATIVES OF DOMESTIC INSURANCE COMPA-
NIES;  AND  FIVE REPRESENTATIVES OF FOREIGN INSURANCE COMPANIES THAT, TO
THE EXTENT  PRACTICABLE,  REFLECT  A  RANGE  OF  SIZE  AND  GEOGRAPHICAL
LOCATION  WITHIN THE STATE. THE MEMBERSHIP SHALL ALSO INCLUDE ONE REPRE-
SENTATIVE OF CONSUMERS. THE SUPERINTENDENT SHALL MAKE  RULES  TO  GOVERN
THE  METHOD  BY WHICH INSURERS MAY NOMINATE PERSONS TO THE BOARD AND THE
PROCESS FOR SELECTING SUCH MEMBERS, PROVIDED THAT THE REPRESENTATIVES OF
CONSUMERS SHALL BE SELECTED BY THE  SUPERINTENDENT.  THE  TERM  OF  EACH
MEMBER OF SUCH ADVISORY BOARD SHALL BE THREE YEARS, OR UNTIL A SUCCESSOR
IS  APPOINTED AND VACANCIES SHALL BE FILLED FOR THE UNEXPIRED TERM ONLY.
THE BOARD SHALL MEET AT LEAST THREE TIMES ANNUALLY PURSUANT TO THE  CALL
OF  THE  SUPERINTENDENT. THE MEMBERS OF THE ADVISORY BOARD SHALL RECEIVE
NO COMPENSATION NOR  REIMBURSEMENT  FOR  EXPENSES.  THE  ADVISORY  BOARD
SHALL:
  (1)  CONSIDER  AND  RECOMMEND  WAYS TO MAINTAIN AND GROW THE INSURANCE
INDUSTRY OF THE STATE, PARTICULARLY FOCUSING ON THE  DOMESTIC  INSURANCE
INDUSTRY, INCLUDING BRINGING TO THE SUPERINTENDENT'S ATTENTION ISSUES OF
CONCERN TO THE INSURANCE INDUSTRY;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

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