New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle A - Governor's Office › Chapter I - Executive Orders › Part 3 - Executive Orders (Hugh L. Carey) › Section 3.114 - Executive order no. 114: establishing an executive advisory commission to review existing laws affecting the authority and operations of new york insurance companies

Current through Register Vol. 46, No. 28, July 10, 2024
Current provisions of the New York Insurance Law place
					 restrictions on the authority, operations and practices of New York domestic
					 insurance companies. The last complete revision of the provisions, which
					 occurred in 1940, was based on a philosphy for New York insurance companies
					 which may no longer be appropriate in view of major developments in the
					 financial marketplace.
The insurance industry has been a major contributor to the
					 State's economy. It is therefore appropriate that the provisions of the New
					 York Insurance Law be reviewed to determine if they are responsive to current
					 economic conditions, keeping in mind the need to protect policyholders and
					 recognizing the importance of the insurance industry's ability to stimulate the
					 economy and provide and maintain employment opportunities for the citizens of
					 the State.
NOW, THEREFORE, I, Hugh L. Carey, Governor of the State of
					 New York, by virtue of the authority vested in me by the Constitution and Laws
					 of the State of New York, do hereby establish an Executive Advisory Commission
					 on Insurance Industry Regulatory Reform (the "Executive Advisory Commission")
					 to review existing policy and laws affecting New York insurance
					 companies.
I. Powers and
				  Responsibilities.
The Executive Advisory commission shall:
identify and evaluate existing provisions of the New York
					 Insurance Law relating to investments, practices and permitted operations of
					 New York insurance companies;
develop and recommend to the Governor necessary changes in
					 such provisions and regulation policies consistent with protection of
					 policyholders and the economic well-being of New York insurance companies and
					 the State;
recommend to the Governor necessary legislation to
					 implement the policy and philosophy developed by the Commission; and
submit to the Governor an interim report by February 15,
					 1982, and a final report by May 1, 1982, which shall set forth the Commission's
					 recommendations and contain any factual and statistical data gathered by the
					 commission.
II. Membership.
The members of the Executive Advisory Commission shall be
					 appointed by the Governor, who shall also designate the chairperson. The
					 members of the Commission shall receive no compensation but shall be entitled
					 to reimbursement for any necessary expenses incurred in connection with the
					 performance of their duties.
The Commission may request and shall receive from any
					 department, division, board, bureau, commission or agency of the State such
					 assistance and data as will enable it properly to carry out its powers and
					 responsibilities hereunder.
Signed: Hugh L. CareyDated: October 29,
					 1981