S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    376
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 5, 2017
                                ___________
 
 Introduced by M. of A. CAHILL -- read once and referred to the Committee
   on Insurance
 
 AN  ACT  to  amend the insurance law, in relation to the state insurance
   advisory board
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1. Section 201 of the insurance law, as added by a chapter of
 the laws of 2016, amending the insurance law relating to the  establish-
 ment  of  a  state  insurance advisory board, as proposed in legislative
 bills numbers S.7536-A and A.10267-A, is amended to read as follows:
   § 201. State insurance advisory board. (a) There shall be [within  the
 department]  a  state  insurance  advisory board to work with the super-
 intendent in ENCOURAGING AND promoting the [development and]  growth  of
 the  insurance  industry  in  the  state,  AND  FURTHER THE GOALS OF THE
 DEPARTMENT'S MISSION AS IT RELATES  TO  THE  INSURANCE  INDUSTRY.  There
 shall  be  [seventeen]  TEN  members  of the advisory board who shall be
 appointed by the superintendent. The  membership  shall  consist  of  [:
 nine]  SEVEN  representatives of domestic insurance companies[; 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  [two]  ONE  insurance
 [producers]  PRODUCER  and [one] TWO [representative] REPRESENTATIVES 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  representative  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. SUCH MEETINGS MAY BE PRESIDED OVER BY A DESIGNEE OF  THE
 SUPERINTENDENT  AND  MAY  BE  HELD BY MEANS OF A CONFERENCE TELEPHONE OR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD07082-01-7

 A. 376                              2
 
 SIMILAR COMMUNICATIONS EQUIPMENT THAT WOULD ALLOW  ALL  PERSONS  PARTIC-
 IPATING  IN THE MEETING TO HEAR EACH OTHER AT THE SAME TIME. The members
 of the advisory board shall receive no  compensation  nor  reimbursement
 for expenses. The advisory board [shall] MAY:
   (1)  consider  and  recommend  ways, CONSISTENT WITH THE PROTECTION OF
 CONSUMERS AND THE FINANCIAL CONDITION  OF  INSURERS,  to  [maintain  and
 grow]  ENCOURAGE,  PROMOTE,  AND ASSIST [the] insurance [industry of the
 state, particularly focusing on the domestic insurance industry, includ-
 ing bringing to the superintendent's attention issues of concern to  the
 insurance industry] INSTITUTIONS TO EFFECTIVELY AND PRODUCTIVELY LOCATE,
 OPERATE, EMPLOY, GROW, REMAIN, AND EXPAND IN NEW YORK STATE;
   (2)  consider  and  recommend  ways, CONSISTENT WITH THE PROTECTION OF
 CONSUMERS AND THE FINANCIAL CONDITION OF  INSURERS,  to  [encourage  and
 facilitate  insurance institutions in offering a diversity of affordable
 insurance and financial products]  PROMOTE  THE  PRUDENT  AND  CONTINUED
 AVAILABILITY  OF  INSURANCE  PRODUCTS  AND  SERVICES AT AFFORDABLE COSTS
 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, CONSISTENT WITH THE
 PROTECTION OF CONSUMERS AND THE FINANCIAL CONDITION OF INSURERS,  [prior
 to final action thereon by] AT THE REQUEST OF the superintendent[.]; AND
   (6)  CONSIDER  ALL  OTHER  MATTERS DETERMINED BY THE SUPERINTENDENT TO
 FURTHER THE DEPARTMENT'S MISSION IN RELATION TO THE INSURANCE INDUSTRY.
   (b) The advisory board shall  have  no  executive,  administrative  or
 appointive powers or duties.
   §  2.  This  act  shall  take  effect on the same date and in the same
 manner as a chapter of the laws of  2016,  amending  the  insurance  law
 relating  to  the  establishment of a state insurance advisory board, as
 proposed in legislative bills  numbers  S.7536-A  and  A.10267-A,  takes
 effect.