State Insurance Advisory Board Nomination and Appointment Procedures
Insurance Law § 201 establishes the State Insurance Advisory Board (the “Board”) to work with the Superintendent of Financial Services (“Superintendent”) “in encouraging and promoting the growth of the insurance industry in the state, and further the goals of the department’s mission as it relates to the insurance industry.” Insurance Law § 201(a) requires that the Board have ten members, seven of which must represent domestic insurers that reflect a range of size and geographical location within New York State, if practicable. One of the ten members must be a representative of an insurance producer and two members must be representatives of consumers. Each Board member serves a three-year term or until a successor is appointed. Any vacancies will be filled for the unexpired term only.
INomination and Appointments Procedures
At any time, the Superintendent may notify domestic insurers, insurance producers, or consumer representatives, as appropriate, of the opportunity to nominate candidates to fill an upcoming or current vacancy on the Board.
The Superintendent may give notice by any means, including publication on the website of the Department of Financial Services, outreach to stakeholders, including but not limited to industry trade organizations and consumer groups, issuance of a press release, and other means of giving public notice.
The Superintendent will appoint Board members in the Superintendent’s sole discretion consistent with Insurance Law § 210(a).
A Board member whose three-year term has expired shall continue to serve until the Superintendent terminates the appointment of, or appoints a successor to, such Board member. The Superintendent may reappoint a Board member to another three-year term in the Superintendent’s sole discretion.
- Domestic Insurer Representatives
Of the seven Board members representing domestic insurers, the Superintendent will seek to appoint Board members who represent various lines of insurance, including domestic life insurers, domestic accident and health insurers, and domestic property/casualty insurers.
A Board member representing a domestic insurer must be an officer, director, or employee of the domestic insurer.
When appointing Board members representing domestic insurers, the Superintendent will weigh all relevant factors, including, but not limited to, a potential Board member’s experience in the industry and the size, type, and geographical location of the domestic insurer represented.
- Insurance Producer Representative
The Superintendent will appoint a Board member who either represents an insurance producer that is licensed in New York State as an insurance producer or is an individual who is licensed in New York State as an insurance producer.
- Consumer Representatives
The Superintendent will appoint two consumer representatives to the Board in the Superintendent’s sole discretion consistent with Insurance Law § 201(a).
- Honorary Members of the Board
The Superintendent may, in the Superintendent’s sole discretion, appoint honorary members to the Board.
If you have questions or require additional information regarding the Nomination and Appointments Procedure please email [email protected]