Which of the following is NOT true about the Superintendent of Insurance in New York?

The statement that the Superintendent of Insurance must conduct annual inspections of insurers is not accurate. While the Superintendent does have the authority to oversee and regulate insurance companies operating within New York, the specific requirement to conduct annual inspections is not a mandated duty. Instead, the role encompasses a broader range of regulatory responsibilities, including monitoring compliance, approving rates, and ensuring consumer protection.

The other statements provide essential qualifications and details about the Superintendent's role. The requirement for the Superintendent to be a resident of New York ensures that they are familiar with the state's laws and regulatory environment. Being appointed by the Governor underlines the position's significance in the state government, emphasizing the trust placed in the appointee to fulfill these regulatory responsibilities. Additionally, holding office at the pleasure of the governor means that the Superintendent serves at the governor's discretion, highlighting the position's connection to the executive branch of the state government.