§ 6755. — Membership.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC6755]
TITLE 15--COMMERCE AND TRADE
CHAPTER 93--INSURANCE
SUBCHAPTER III--NATIONAL ASSOCIATION OF REGISTERED AGENTS AND BROKERS
Sec. 6755. Membership
(a) Eligibility
(1) In general
Any State-licensed insurance producer shall be eligible to
become a member in the Association.
(2) Ineligibility for suspension or revocation of license
Notwithstanding paragraph (1), a State-licensed insurance
producer shall not be eligible to become a member if a State
insurance regulator has suspended or revoked such producer's license
in that State during the 3-year period preceding the date on which
such producer applies for membership.
(3) Resumption of eligibility
Paragraph (2) shall cease to apply to any insurance producer
if--
(A) the State insurance regulator renews the license of such
producer in the State in which the license was suspended or
revoked; or
(B) the suspension or revocation is subsequently overturned.
(b) Authority to establish membership criteria
The Association shall have the authority to establish membership
criteria that--
(1) bear a reasonable relationship to the purposes for which the
Association was established; and
(2) do not unfairly limit the access of smaller agencies to the
Association membership.
(c) Establishment of classes and categories
(1) Classes of membership
The Association may establish separate classes of membership,
with separate criteria, if the Association reasonably determines
that performance of different duties requires different levels of
education, training, or experience.
(2) Categories
The Association may establish separate categories of membership
for individuals and for other persons. The establishment of any such
categories of membership shall be based either on the types of
licensing categories that exist under State laws or on the aggregate
amount of business handled by an insurance producer. No special
categories of membership, and no distinct membership criteria, shall
be established for members which are depository institutions or for
their employees, agents, or affiliates.
(d) Membership criteria
(1) In general
The Association may establish criteria for membership which
shall include standards for integrity, personal qualifications,
education, training, and experience.
(2) Minimum standard
In establishing criteria under paragraph (1), the Association
shall consider the highest levels of insurance producer
qualifications established under the licensing laws of the States.
(e) Effect of membership
Membership in the Association shall entitle the member to licensure
in each State for which the member pays the requisite fees, including
licensing fees and, where applicable, bonding requirements, set by such
State.
(f) Annual renewal
Membership in the Association shall be renewed on an annual basis.
(g) Continuing education
The Association shall establish, as a condition of membership,
continuing education requirements which shall be comparable to or
greater than the continuing education requirements under the licensing
laws of a majority of the States.
(h) Suspension and revocation
The Association may--
(1) inspect and examine the records and offices of the members
of the Association to determine compliance with the criteria for
membership established by the Association; and
(2) suspend or revoke the membership of an insurance producer
if--
(A) the producer fails to meet the applicable membership
criteria of the Association; or
(B) the producer has been subject to disciplinary action
pursuant to a final adjudicatory proceeding under the
jurisdiction of a State insurance regulator, and the Association
concludes that retention of membership in the Association would
not be in the public interest.
(i) Office of consumer complaints
(1) In general
The Association shall establish an office of consumer complaints
that shall--
(A) receive and investigate complaints from both consumers
and State insurance regulators related to members of the
Association; and
(B) recommend to the Association any disciplinary actions
that the office considers appropriate, to the extent that any
such recommendation is not inconsistent with State law.
(2) Records and referrals
The office of consumer complaints of the Association shall--
(A) maintain records of all complaints received in
accordance with paragraph (1) and make such records available to
the NAIC and to each State insurance regulator for the State of
residence of the consumer who filed the complaint; and
(B) refer, when appropriate, any such complaint to any
appropriate State insurance regulator.
(3) Telephone and other access
The office of consumer complaints shall maintain a toll-free
telephone number for the purpose of this subsection and, as
practicable, other alternative means of communication with
consumers, such as an Internet home page.
(Pub. L. 106-102, title III, Sec. 325, Nov. 12, 1999, 113 Stat. 1424.)
Section Referred to in Other Sections
This section is referred to in section 6763 of this title.
