S T A T E   O F   N E W   Y O R K
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                                 7536--A
    Cal. No. 1013

                            I N  S E N A T E

                               May 9, 2016
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee  on  Insurance  --  committee
  discharged  and  said  bill  committed  to  the  Committee on Rules --
  ordered to a third reading, amended and ordered  reprinted,  retaining
  its place in the order of third reading

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.
                                                           LBD15285-02-6

S. 7536--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.