(a) There shall be within the department a state insurance advisory board to work with the superintendent in promoting the development and growth of the insurance industry in the state. There shall be seventeen members of the advisory board who shall be appointed by the superintendent. The membership shall consist of: nine representatives of domestic insurance companies; and five representatives of foreign insurance companies that, to the extent practicable, reflect a range of size and geographical location within the state. The membership shall also include two insurance producers and one representative of consumers. The superintendent shall make rules to govern the method by which insurers may nominate persons to the board and the process for selecting such members, provided that the representative of consumers shall be selected by the superintendent. The term of each member of such advisory board shall be three years, or until a successor is appointed and vacancies shall be filled for the unexpired term only. The board shall meet at least three times annually pursuant to the call of the superintendent. The members of the advisory board shall receive no compensation nor reimbursement for expenses. The advisory board shall:

1. (1) consider and recommend ways to maintain and grow the insurance industry of the state, particularly focusing on the domestic insurance industry, including bringing to the superintendent's attention issues of concern to the insurance industry;
2. (2) consider and recommend ways to encourage and facilitate insurance institutions in offering a diversity of affordable insurance and financial products throughout the state;
3. (3) recommend to the superintendent the establishment of such laws as may be deemed necessary, and the amendment or repeal thereof, in furtherance of these goals;
4. (4) recommend to the superintendent the promulgation of any guidance and regulations, not inconsistent with the law, as may be deemed necessary, and the amendment or repeal thereof, in furtherance of these goals; and
5. (5) report within thirty days after receipt, on any proposed regulations, amendments thereto, or repeal thereof, prior to final action thereon by the superintendent.