§ 201 — State insurance advisory board

New York § 201

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 2: Organization of the Department of Financial Services

Text

§ 201. State insurance advisory board. (a) There shall be a state\ninsurance advisory board to work with the superintendent in encouraging\nand promoting the growth of the insurance industry in the state, and\nfurther the goals of the department's mission as it relates to the\ninsurance industry. There shall be ten members of the advisory board who\nshall be appointed by the superintendent. The membership shall consist\nof seven representatives of domestic insurance companies that, to the\nextent practicable, reflect a range of size and geographical location\nwithin the state. The membership shall also include one insurance\nproducer and two representatives of consumers. The superintendent shall\nmake rules to govern the method by which insurers may nominate persons\nto the board and the process for selecting such members, provided that\nthe representative of consumers shall be selected by the superintendent.\nThe term of each member of such advisory board shall be three years, or\nuntil a successor is appointed and vacancies shall be filled for the\nunexpired term only. The board shall meet at least annually pursuant to\nthe call of the superintendent. Such meetings may be presided over by a\ndesignee of the superintendent and may be held by means of a conference\ntelephone or similar communications equipment that would allow all\npersons participating in the meeting to hear each other at the same\ntime. The members of the advisory board shall receive no compensation\nnor reimbursement for expenses. The advisory board may:\n (1) consider and recommend ways, consistent with the protection of\nconsumers and the financial condition of insurers, to encourage,\npromote, and assist insurance institutions to effectively and\nproductively locate, operate, employ, grow, remain, and expand in New\nYork state;\n (2) consider and recommend ways, consistent with the protection of\nconsumers and the financial condition of insurers, to promote the\nprudent and continued availability of insurance products and services at\naffordable costs throughout the state;\n (3) recommend to the superintendent the establishment of such laws as\nmay be deemed necessary, and the amendment or repeal thereof;\n (4) recommend to the superintendent the promulgation of any guidance\nand regulations, not inconsistent with the law, as may be deemed\nnecessary, and the amendment or repeal thereof;\n (5) report within thirty days after receipt, on any proposed\nregulations, amendments thereto, or repeal thereof, consistent with the\nprotection of consumers and the financial condition of insurers, at the\nrequest of the superintendent; and\n (6) consider all other matters determined by the superintendent to\nfurther the department's mission in relation to the insurance industry.\n (b) The advisory board shall have no executive, administrative or\nappointive powers or duties.\n