August 4, 2017
State Insurance Advisory Board Nomination Procedures
Established by Section 201 of the New York State Insurance Law, the State Insurance Advisory Board (“Advisory Board”) was created to work with the Superintendent to further the goals of the Department’s mission as it relates to the insurance industry.
There shall be ten (10) members of the Advisory Board who shall be appointed by the Superintendent. The Advisory Board shall have no executive, administrative or appointive powers or duties. The members of the Advisory Board shall receive no compensation nor reimbursement for expenses.
The membership shall consist of: seven (7) representatives of domestic insurance companies; one (1) insurance producer; and two (2) representative of consumers. The term of each member shall be three years, or until a successor is appointed, and vacancies shall be filled for the unexpired term only.
Domestic insurers and insurance producers may nominate persons to the Advisory Board. Nominations shall be in writing and mailed to the attention of the Executive Deputy Superintendent for Insurance, Department of Financial Services, One State Street, New York, NY 10004. Nominations must be mailed so as to be received no later than September 15, 2017. Submissions shall include the following information:
- overview of the company’s primary insurance products sold or offered in the state;
- number of policyholders served within the state;
- geographic area served, by county;
- premium volume within the state;
- statement as to how the company and individual nominee is qualified to contribute to the statutory mandate of the Advisory Board as set forth in Section 201(a)(1)-(6);
- curriculum vitae of the nominee; and
- any other relevant information as to the nominee’s ability to serve as a member of the Advisory Board.
Submissions will also be accepted from nominees interested in serving as a representative of consumers. Such submissions should include: (a) curriculum vitae; (b) statement of how the nominee is qualified to contribute to the statutory mandate of the Advisory Board as set forth in Section 201(a)(1)-(6); and (c) any other relevant information as to the nominee’s ability to serve as a member of the Advisory Board.
The Superintendent will evaluate the nominations received and shall notify members of their selection to the Advisory Board by October 16, 2017.