N.Y. Comp. Codes R. & Regs. tit. 11 § 18-3.2

Current through Register Vol. 46, No. 25, June 18, 2024

Section 18-3.2 - Eligibility for the position of public governor

(a) No person nominated for the position of, or serving as, public governor shall be employed by or otherwise affiliated with members, associate brokers, insurers, insurance agents, brokers and producers, or entity of the insurance industry (individually an "insurance organization" and collectively "insurance organizations").

(b) A person shall be deemed to be employed by or otherwise affiliated with a member, associate broker, insurer, insurance agent, broker and producer, or entity of the insurance industry, if:

(1) such person is an affiliated person of any insurance organization; provided, however, that if such person is not an officer, director, partner, member or employee of, and does not control, any insurance organization, such person shall not, by reason of this paragraph, be deemed to be so employed or affiliated as long as any company of which he is an officer, director, partner, member or employee, or which he controls, is not an insurance organization or controlled by an insurance organization; or

(2) such person, or any company of which such person is an officer, director, partner, member or employee or which such person controls, is, and shall have been at any time since the beginning of such person's or such company's immediately preceding fiscal year ending at least 90 days prior to the date of any determination hereunder, employed or retained to perform legal, accounting, actuarial, claims adjustment, consulting or financial advisory services (whether as an employee, an agent, an independent contractor, or otherwise) by one or more insurance organizations, and such employment or retention shall have resulted in such person or such company having received revenues as a result thereof which constituted, in the aggregate, more than three percent of the revenues of such person or company for such fiscal year; or

(3) such person is found by the board of governors of the exchange (including, without limitation, the initial board of governors) or the nominating committees to be employed by or otherwise affiliated with an insurance organization.

(c) Any determination, by the board of governors of the exchange (including, without limitation, the initial board of governors) or the nominating committees, that a person meets the qualifications set forth in section 2(d) of article VI of the constitution and bylaws of the exchange to be a public governor shall be conclusive.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 18-3.2