Which statement about the Superintendent of Insurance is FALSE?

The statement that the Superintendent of Insurance must examine the books of insurers every year is not accurate. In New York, while it is indeed the responsibility of the Superintendent to oversee insurers and ensure their compliance with the law, the requirement is not strictly for an annual examination. The Superintendent has the authority to decide the frequency and timing of examinations based on various factors such as the financial condition of the insurers and past performance. Often, thorough examinations are conducted every few years, rather than annually, making this statement misleading.

On the other hand, being a resident of New York, being appointed by the Governor, and holding office at the Governor's pleasure are all true regarding the role of the Superintendent of Insurance. These requirements ensure that the Superintendent is accountable to the state and its leadership, aligning with the overall regulatory framework designed to maintain oversight of the insurance industry in New York.