Press Release

November 02, 2020

 

Department of Financial Services Calls for Nominations of Members of the State Insurance Advisory Board  

Nominations Due by November 30, 2020 

The Department of Financial Services (DFS) is seeking nominations of candidates from across the insurance industry to serve a three-year term on the New York State Insurance Advisory Board (Advisory Board) starting in 2021. Established by Section 201 of the New York Insurance Law, the Advisory Board was created to help the Superintendent further the goals of DFS’s mission as it relates to the insurance industry and consumer protection. 

Nomination Process for Domestic Insurers and Producers to the Advisory Board 

The Superintendent seeks nominees from both domestic insurers and insurance producers for the Advisory Board. Nominations should be in writing and emailed to the attention of My Chi To, Executive Deputy Superintendent for Insurance, Department of Financial Services, at [email protected].  

A Board member whose three-year term has expired will continue to serve until the Superintendent terminates the appointment or appoints a successor. The Superintendent will evaluate the nominations received and select Board members that reflect the broad diversity of the State of New York and the insurance industry.  

Nominations must be emailed no later than close of business on November 30, 2020.  

Submissions for domestic insurer and insurance producer nominees must include the following information: 

  • for a representative of a domestic insurer, an overview of the insurer’s primary insurance products sold or offered in the state;  
  • for a representative of an insurance producer, the kinds of insurance the nominee and/or insurance producer are licensed to sell in the state; 
  • the number of insureds served within the state; 
  • the geographic area served in the state, by county; 
  • the amount of premium generated within the state in the last 12 months; 
  • a statement as to how the person being nominated is qualified to contribute to the statutory mandate of the Advisory Board as set forth in Insurance Law Section 201(a)(1)-(6); 
  • a 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.  

Nomination Process for Consumer Representatives to the Advisory Board  

The Superintendent will also accept submissions from nominees interested in serving as a representative of consumers. Such submissions must include: 

  • a curriculum vitae of the nominee; 
  • a statement of how the nominee is qualified to contribute to the statutory mandate of the Advisory Board as set forth in Insurance Law Section 201(a)(1)-(6); and 
  • any other relevant information as to the nominee’s ability to serve as a member of the Advisory Board. 

About the New York State Insurance Advisory Board: 

The Board is tasked with encouraging and promoting the growth of the insurance industry in New York State, and furthering the goals of DFS as they relate to the insurance industry and the protection of consumers.   

As set forth in the Insurance Law, the Advisory Board consists of ten (10) members who are appointed by the Superintendent. The membership shall consist of: seven (7) representatives of domestic insurance companies; one (1) insurance producer; and two (2) representative of consumers.  Each member serves a term of three years or until a successor is appointed. In addition, members of the Board may be renewed for additional terms at the Superintendent’s discretion.  

Additional information regarding the Advisory Board and details on the procedures governing the nomination and appointment of members can be found on DFS’s website here

 

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