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Legislative Memo

Cate Tully
Director of Government Affairs
T 518.465.7511
www.bcnys.org

BILL:

S.7536-A (Seward) /A.10267-A (Cahill)

Support

SUBJECT:

Establish a state insurance advisory board

 

DATE:

June 9, 2016

 

The Business Council supports S.7536-A (Seward) /A.10267-A (Cahill), which establishes within the Department of Financial Services (DFS) a state insurance advisory board. The structure and mission of the advisory board is similar to the State Charter (Bank) Advisory Board.

The purpose of this insurance advisory board is to consider and recommend to the Superintendent ways to maintain and grow the insurance industry, especially the insurance market in New York; encourage and facilitate a diversity of affordable insurance and financial products throughout the state; and recommend the establishment of laws and/or regulations to achieve those goals.

The board would be comprised of representatives from the life, health and property/casualty insurance companies doing business in New York. The legislation would require the board to meet at least three times each year with the Superintendent to discuss the issues and make recommendations for promoting the insurance products in the state of New York. The board will provide a forum that will engage all parties; promote better communication and advance the issues for consideration.

For the above reasons, The Business Council strongly supports S.7536-A (Seward) /A.10267-A (Cahill).