New York Passes New Insurance Law Establishing State Insurance Advisory Board
Effective on December 31, 2016, New York Senate Bill 7536 was signed into law enacting New York Insurance Law Section 201 (“Section 201”). Section 201 establishes the State Insurance Advisory Board (the “Advisory Board”) composed of seventeen members appointed by the New York Superintendent. Of the seventeen members, nine will include representatives of New York domestic insurers and five will include representatives of foreign (non-NY) insurance companies. The remaining members will consist of two producers and one representative for consumers. The consumer representative will be determined by the Superintendent, and the other members will be determined by a method which will be promulgated by the Superintendent and will include a nomination process by insurers.
The Advisory Board will meet at least three times per year, and the term of each member will be for three years. The function of the Advisory Board will be to (1) consider and recommend to the Superintendent ways to maintain and grow the insurance sector in New York, (2) help insurance companies offer more affordable products and (3) recommend ways to amend applicable statutes, regulations or departmental guidance to further such goals.
We will continue to report on the Advisory Board, the appointments thereto and the recommendations that are made.
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