Bill Text: NY S08068 | 2015-2016 | General Assembly | Amended
Bill Title: Relates to the establishment of a state insurance company advisory board, a state insurance producer advisory board and a state insurance adjuster advisory board.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2016-06-13 - PRINT NUMBER 8068A [S08068 Detail]
Download: New_York-2015-S08068-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 8068--A IN SENATE June 9, 2016 ___________ Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Rules -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the insurance law, in relation to the establishment of a state insurance company advisory board, a state insurance producer advisory board, and a state insurance adjuster 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 company advisory board. (a) There shall be 4 within the department a state insurance company advisory board to work 5 with the superintendent in promoting the development and growth of the 6 insurance industry in the state. There shall be fifteen members of the 7 advisory board who shall be appointed by the superintendent. The member- 8 ship shall consist of: nine representatives of domestic insurance compa- 9 nies; and five representatives of foreign insurance companies that, to 10 the extent practicable, reflect a range of size and geographical 11 location within the state. The membership shall also include one repre- 12 sentative of consumers. The superintendent shall make rules to govern 13 the method by which insurers may nominate persons to the board and the 14 process for selecting such members, provided that the representatives of 15 consumers shall be selected by the superintendent. The term of each 16 member of such advisory board shall be three years, or until a successor 17 is appointed and vacancies shall be filled for the unexpired term only. 18 The board shall meet at least three times annually pursuant to the call 19 of the superintendent. The members of the advisory board shall receive 20 no compensation nor reimbursement for expenses. The advisory board 21 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. LBD15810-02-6S. 8068--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. The insurance law is amended by adding a new section 202 to read 17 as follows: 18 § 202. State insurance producer advisory board. (a) There shall be 19 within the department a state insurance producer advisory board to work 20 with the superintendent in promoting the development and growth of the 21 insurance industry in the state and address other issues of mutual 22 concern. There shall be ten members of the advisory board who shall be 23 appointed by the superintendent. The membership shall consist of: four 24 insurance producers whose primary business focus is on life insurance; 25 four insurance producers whose primary business focus is on 26 property/casualty insurance; and two insurance producers whose primary 27 business focus is on accident and health insurance. The superintendent 28 shall make rules to govern the method by which insurers may nominate 29 persons to the board and the process for selecting such members. The 30 term for each member of such advisory board shall be three years, or 31 until a successor is appointed and vacancies shall be filled for the 32 unexpired term only. The board shall meet at least three times annually 33 pursuant to the call of the superintendent. The members of the advisory 34 board shall receive no compensation nor reimbursement for expenses. The 35 advisory board shall: 36 (1) consider and recommend ways to maintain and grow the insurance 37 industry of the state, particularly focusing on the domestic insurance 38 industry, including bringing to the superintendent's attention issues of 39 concern to the insurance industry; 40 (2) consider and recommend ways to encourage and facilitate insurance 41 institutions in offering a diversity of affordable insurance and finan- 42 cial products throughout the state; 43 (3) recommend to the superintendent the establishment of such laws as 44 may be deemed necessary, and the amendment or repeal thereof, in furth- 45 erance of these goals; 46 (4) recommend to the superintendent the promulgation of any guidance 47 and regulations, not inconsistent with the law, as may be deemed neces- 48 sary, and the amendment or repeal thereof, in furtherance of these 49 goals; and 50 (5) report within thirty days after receipt, on any proposed regu- 51 lations, amendments thereto, or repeal thereof, prior to final action 52 thereon by the superintendent. 53 (b) The advisory board shall have no executive, administrative or 54 appointive powers or duties. 55 § 3. The insurance law is amended by adding a new section 203 to read 56 as follows:S. 8068--A 3 1 § 203. State insurance adjuster advisory board. (a) There shall be 2 within the department a state insurance adjuster advisory board to work 3 with the superintendent in promoting the development and growth of the 4 insurance industry in the state and address other issues of mutual 5 concern. There shall be nine members of the advisory board who shall be 6 appointed by the superintendent. The membership shall consist of: three 7 public insurance adjusters; three independent insurance adjusters; and 8 three insurance company staff adjusters. The superintendent shall make 9 rules to govern the method by which insurers may nominate persons to the 10 board and the process for selecting such members. The term for each 11 member of such advisory board shall be three years, or until a successor 12 is appointed and vacancies shall be filled for the unexpired term only. 13 The board shall meet at least three times annually pursuant to the call 14 of the superintendent. The members of the advisory board shall receive 15 no compensation nor reimbursement for expenses. The advisory board 16 shall: 17 (1) consider and recommend ways to maintain and grow the insurance 18 industry of the state, particularly focusing on the domestic insurance 19 industry, including bringing to the superintendent's attention issues of 20 concern to the insurance industry; 21 (2) consider and recommend ways to encourage and facilitate insurance 22 institutions in offering a diversity of affordable insurance and finan- 23 cial products throughout the state; 24 (3) recommend to the superintendent the establishment of such laws as 25 may be deemed necessary, and the amendment or repeal thereof, in furth- 26 erance of these goals; 27 (4) recommend to the superintendent the promulgation of any guidance 28 and regulations, not inconsistent with the law, as may be deemed neces- 29 sary, and the amendment or repeal thereof, in furtherance of these 30 goals; and 31 (5) report within thirty days after receipt, on any proposed regu- 32 lations, amendments thereto, or repeal thereof, prior to final action 33 thereon by the superintendent. 34 (b) The advisory board shall have no executive, administrative or 35 appointive powers or duties. 36 § 4. This act shall take effect immediately.
