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Who cares
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Sponsors
No co-sponsors yet.
History
- Signed chap.515
- Approval memo.31
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.97
- Substituted for A10267A
- Referred to insurance
- Delivered to assembly
- Passed senateVote 58–3
- Amended on third reading 7536a
- Ordered to third reading cal.1013
Show 2 earlier actions
- Committee discharged and committed to rules
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Establishes a state insurance advisory board
Assembly Floor Calendar · Sponsor Kevin Cahill
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the insurance law, in relation to the establishment of a state insurance advisory board
Purpose
The purpose of this bill is to create a State Insurance Advisory Board within the Department of Financial Services.
Summary of provisions
This bill adds a new § 201 to the insurance law to establish a State Insurance Advisory Board within the Department of Financial Services. The Advisory Board will consist of seventeen members who will be appointed by the Superintendent of the Department of Financial Services, including nine representatives of domestic insurance companies, five representatives of foreign insurance companies, two insurance producers and one consumer representative. To the extent practicable, the membership should reflect a range of size and geographic location within the state.
The Board will consider and recommend to the Superintendent: I) ways to maintain and grow the insurance industry of the state, particularly focusing on the domestic insurance industry; 2) ways to encourage insurers to offer a diversity of affordable insurance & financial products throughout the state; and 3) amendments to or new laws, regulations & guidance, or the repeal thereof, in furtherance of these goals.
Justification
Section 205-b of the current financial services law provides for a State Charter (Bank) Advisory Board whose purpose is to work with the Superintendent in retaining state chartered banking institutions and promoting the state banking system. This bill would replicate that concept for the insurance industry, particularly the domestic insurance industry with home offices in this state, by establishing a State Insurance Advisory Board primarily made up of representatives from the life, health and property/casualty insurance companies doing business in the state. The Board would meet with the Superintendent at least three times annually to discuss initiatives that would assist in promoting the business of insurance and insurance markets (the products being sold) in this state. This Board would provide periodic advice to the Superintendent on ways to achieve the economic development goals established for the Department of Financial Services pursuant to § 201 of the financial services law. This partnership between the insurance companies and the Department will foster an improved business climate in New York for insurers, as well as the customers they serve.
Legislative history
New bill.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.