Legislation

Search OpenLegislation Statutes
This entry was published on 2017-03-17
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 201
State insurance advisory board
Insurance (ISC) CHAPTER 28, ARTICLE 2
§ 201. State insurance advisory board. (a) There shall be a state
insurance advisory board to work with the superintendent in encouraging
and promoting the 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 ten members of the advisory board who
shall be appointed by the superintendent. The membership shall consist
of seven representatives of domestic insurance companies that, to the
extent practicable, reflect a range of size and geographical location
within the state. The membership shall also include one insurance
producer and two 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 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 similar communications equipment that would allow all
persons participating 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 may:

(1) consider and recommend ways, consistent with the protection of
consumers and the financial condition of insurers, to encourage,
promote, and assist insurance 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 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;

(4) recommend to the superintendent the promulgation of any guidance
and regulations, not inconsistent with the law, as may be deemed
necessary, and the amendment or repeal thereof;

(5) report within thirty days after receipt, on any proposed
regulations, amendments thereto, or repeal thereof, consistent with the
protection of consumers and the financial condition of insurers, 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.