S T A T E   O F   N E W   Y O R K
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                                10267--A

                          I N  A S S E M B L Y

                              May 19, 2016
                               ___________

Introduced  by M. of A. CAHILL, SKOUFIS -- read once and referred to the
  Committee on Insurance -- reported and referred to  the  Committee  on
  Rules  --  Rules Committee discharged, bill amended, ordered reprinted
  as amended and recommitted 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 SEVENTEEN MEMBERS OF THE ADVISORY BOARD WHO
SHALL  BE  APPOINTED BY THE SUPERINTENDENT. THE MEMBERSHIP SHALL CONSIST
OF: NINE REPRESENTATIVES  OF  DOMESTIC  INSURANCE  COMPANIES;  AND  FIVE
REPRESENTATIVES OF FOREIGN INSURANCE COMPANIES THAT, TO THE EXTENT PRAC-
TICABLE,  REFLECT  A  RANGE OF SIZE AND GEOGRAPHICAL LOCATION WITHIN THE
STATE. THE MEMBERSHIP SHALL ALSO INCLUDE TWO INSURANCE PRODUCERS AND ONE
REPRESENTATIVE 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  REPRESEN-
TATIVE 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 ADVI-
SORY 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.
                                                           LBD15285-03-6
              

A. 10267--A                         2

  (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;
  (3)  RECOMMEND TO THE SUPERINTENDENT THE ESTABLISHMENT OF SUCH LAWS AS
MAY BE DEEMED NECESSARY, AND THE AMENDMENT OR REPEAL THEREOF, IN  FURTH-
ERANCE OF THESE GOALS;
  (4)  RECOMMEND  TO THE SUPERINTENDENT THE PROMULGATION OF ANY GUIDANCE
AND REGULATIONS, NOT INCONSISTENT WITH THE LAW, AS MAY BE DEEMED  NECES-
SARY,  AND  THE  AMENDMENT  OR  REPEAL  THEREOF, IN FURTHERANCE OF THESE
GOALS; AND
  (5) REPORT WITHIN THIRTY DAYS AFTER RECEIPT,  ON  ANY  PROPOSED  REGU-
LATIONS,  AMENDMENTS  THERETO,  OR REPEAL THEREOF, PRIOR TO FINAL ACTION
THEREON BY THE SUPERINTENDENT.
  (B) THE ADVISORY BOARD SHALL  HAVE  NO  EXECUTIVE,  ADMINISTRATIVE  OR
APPOINTIVE POWERS OR DUTIES.
  S 2. This act shall take effect immediately.