New York Automobile Insurance Plan has asked state insurance producer trade organizations to distribute the following message:
Section 4 of the New York Automobile Insurance Plan (NYAIP) manual provides for the Department of Financial Services to appoint 2 public members and at least 4 public member alternates to the Governing Committee of the NYAIP. The Superintendent also recommends eight public members who are subject to a majority of votes cast by Plan subscribers at the annual meeting.
At the request of the Department of Financial Services, the NYAIP is soliciting producer trade organizations for qualified producers (at least five years of work experience) who are interested in serving in the capacity of public member or public member alternate on the NYAIP Governing Committee for the 2021 term. Public members on the Governing Committee represent a broad segment of the public obtaining insurance through the NYAIP. Public member alternates serve in the absence of any public member with the full powers, rights, and entitlements of a public member representative.
The Governing Committee is responsible for the oversight and direction of the NYAIP pursuant to Article 53 of the Insurance Law. It currently consists of twenty-two total members, eleven of which are insurers (known as subscriber company members), ten public members, and one limited assignment distribution (LAD) servicing agent. Pursuant to the NYAIP manual, the Superintendent is responsible for appointing two public members and at least four public member alternates to serve in the absence of any public member. The Superintendent also recommends eight public members who are subject to a majority of votes cast by Plan subscribers at the annual meeting . Each public member alternate serves for a term of one year. At the end of each term, public member alternates may request to be reappointed for the following term.
To facilitate the process, we have developed an electronic application. All applications will be provided directly to the Department of Financial Services for its consideration, and the Department will contact respondents for any further information if needed. Producers interested in serving on the GC should submit the required electronic application form to the DFS by no later than September 4, 2020. DFS will review all applications and submit its Public Member appointments and recommendations to the Governing Committee for its November 2020 Annual Meeting.
Application Link: https://www.surveymonkey.com/r/Y9L58W6
Candidates should know that:
- The Governing Committee meets 4 times per year (January, May, September and November). The January meeting is a teleconference and the 3 others are in person.
- In person meetings are conducted near the NYAIP offices in the Wall street area of NYC.
- Public members and alternates are expected to attend each meeting and receive a per diem for each meeting. Additionally, travel expenses are paid for by the NYAIP.
- Meetings generally last no more than 3 hours.
The NYAIP and the Department of Financial Services appreciate your assistance and participation in the Governing Committee Public Member and Alternate Public Member candidate process.
Please contact the NYAIP at NYAIPINQ@aipso.com if you have any questions.
The New York Automobile Insurance Plan