NY A10267

Establishes a 17-member State Insurance Advisory Board within the Department of Insurance, appointed by the superintendent, consisting of 9 domestic insurance company representatives, 5 foreign insurance company representatives, 2 insurance producers, and 1 consumer representative.

Board members serve three-year terms with no compensation or reimbursement for expenses and must meet at least three times annually.

Advisory board shall recommend ways to maintain and grow the insurance industry, encourage affordable insurance products, and propose necessary laws and regulations to the superintendent.

Board must report within 30 days on any proposed regulations or amendments before the superintendent takes final action.

Board has no executive, administrative, or appointive powers and takes effect immediately upon enactment.