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(1) The Commissioner shall designate an Insurance Advisory Committee which shall be composed of five (5) members, to wit, one representative of the property insurance sector, one representative of the life insurance sector, one representative of the health insurance sector, and two representatives of the public interest. The members of the Advisory Committee shall be selected by the Commissioner, for the time he/she deems necessary.(2) The members shall receive fifty dollar ($50) per diems for each meeting duly called and in no case shall they receive more than two thousand dollars ($2,000) per year.(3) The Advisory Committee shall meet at the will of the Commissioner and shall give its advice and recommendations in those issues as the Commissioner may request.(4) The Committee shall not have any administrative or directive powers whatsoever and its function shall be exclusively advisory in nature. History —Ins. Code, added as § 2.070 on Aug. 13, 2008, No. 263, § 7, eff. 3 months after Aug. 13, 2008.