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S07536 Summary:

S07536 Actions:

S07536 Committee Votes:

S07536 Floor Votes:

S07536 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         7536--A
            Cal. No. 1013
 
                    IN SENATE
 
                                       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:
 
     1    Section 1. The insurance law is amended by adding a new section 201 to
     2  read as follows:
     3    § 201. State insurance advisory board. (a) There shall be  within  the
     4  department a state insurance advisory board to work with the superinten-
     5  dent  in  promoting the development and growth of the insurance industry
     6  in the state. There shall be seventeen members of the advisory board who
     7  shall be appointed by the superintendent. The membership  shall  consist
     8  of:  nine  representatives  of  domestic  insurance  companies; and five
     9  representatives of foreign insurance companies that, to the extent prac-
    10  ticable, reflect a range of size and geographical  location  within  the
    11  state. The membership shall also include two insurance producers and one
    12  representative  of  consumers.  The  superintendent  shall make rules to
    13  govern the method by which insurers may nominate persons  to  the  board
    14  and  the process for selecting such members, provided that the represen-
    15  tative of consumers shall be selected by the superintendent. The term of
    16  each member of such advisory board shall be  three  years,  or  until  a
    17  successor  is  appointed and vacancies shall be filled for the unexpired
    18  term only.  The board shall meet at least three times annually  pursuant
    19  to  the  call  of  the superintendent. The members of the advisory board
    20  shall receive no compensation nor reimbursement for expenses. The  advi-
    21  sory board shall:
    22    (1)  consider  and  recommend  ways to maintain and grow the insurance
    23  industry of the state, particularly focusing on the  domestic  insurance
    24  industry, including bringing to the superintendent's attention issues of
    25  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

     1    (2)  consider and recommend ways to encourage and facilitate insurance
     2  institutions in offering a diversity of affordable insurance and  finan-
     3  cial products throughout the state;
     4    (3)  recommend to the superintendent the establishment of such laws as
     5  may be deemed necessary, and the amendment or repeal thereof, in  furth-
     6  erance of these goals;
     7    (4)  recommend  to the superintendent the promulgation of any guidance
     8  and regulations, not inconsistent with the law, as may be deemed  neces-
     9  sary,  and  the  amendment  or  repeal  thereof, in furtherance of these
    10  goals; and
    11    (5) report within thirty days after receipt,  on  any  proposed  regu-
    12  lations,  amendments  thereto,  or repeal thereof, prior to final action
    13  thereon by the superintendent.
    14    (b) The advisory board shall  have  no  executive,  administrative  or
    15  appointive powers or duties.
    16    § 2. This act shall take effect immediately.