(a) The Investment Advisory Committee shall consist of not less than seven members. Members shall be appointed by the Comptroller and shall serve for his term of office. Any vacancy shall be filled by appointment by the Comptroller for the remainder of the term.

(b) Each member of the committee shall be experienced in the field of investments and shall have served, or shall be serving, as a senior officer or member of the board of an insurance company, banking corporation or other financial or investment organization authorized to do business in the State of New York. No officer or employee of any State department or agency shall be eligible for membership on the committee. Members shall be entitled to reimbursement for their actual and necessary expenses, but shall receive no compensation for their services.