N.Y. Comp. Codes R. & Regs. tit. 9, § 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.

I. Powers and Responsibilities.
The Executive Advisory commission shall:
(1) identify and evaluate existing provisions of the New York Insurance Law relating to investments, practices and permitted operations of New York insurance companies;
(2) 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;
(3) recommend to the Governor necessary legislation to implement the policy and philosophy developed by the Commission; and
(4) 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. Carey Dated: October 29, 1981

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.