§ 6756. — Board of directors.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC6756]
TITLE 15--COMMERCE AND TRADE
CHAPTER 93--INSURANCE
SUBCHAPTER III--NATIONAL ASSOCIATION OF REGISTERED AGENTS AND BROKERS
Sec. 6756. Board of directors
(a) Establishment
There is established the board of directors of the Association
(hereafter in this subchapter referred to as the ``Board'') for the
purpose of governing and supervising the activities of the Association
and the members of the Association.
(b) Powers
The Board shall have such powers and authority as may be specified
in the bylaws of the Association.
(c) Composition
(1) Members
The Board shall be composed of 7 members appointed by the NAIC.
(2) Requirement
At least 4 of the members of the Board shall each have
significant experience with the regulation of commercial lines of
insurance in at least 1 of the 20 States in which the greatest total
dollar amount of commercial-lines insurance is placed in the United
States.
(3) Initial Board membership
(A) In general
If, by the end of the 2-year period beginning on November
12, 1999, the NAIC has not appointed the initial 7 members of
the Board of the Association, the initial Board shall consist of
the 7 State insurance regulators of the 7 States with the
greatest total dollar amount of commercial-lines insurance in
place as of the end of such period.
(B) Alternate composition
If any of the State insurance regulators described in
subparagraph (A) declines to serve on the Board, the State
insurance regulator with the next greatest total dollar amount
of commercial-lines insurance in place, as determined by the
NAIC as of the end of such period, shall serve as a member of
the Board.
(C) Inoperability
If fewer than 7 State insurance regulators accept
appointment to the Board, the Association shall be established
without NAIC oversight pursuant to section 6762 of this title.
(d) Terms
The term of each director shall, after the initial appointment of
the members of the Board, be for 3 years, with one-third of the
directors to be appointed each year.
(e) Board vacancies
A vacancy on the Board shall be filled in the same manner as the
original appointment of the initial Board for the remainder of the term
of the vacating member.
(f) Meetings
The Board shall meet at the call of the chairperson, or as otherwise
provided by the bylaws of the Association.
(Pub. L. 106-102, title III, Sec. 326, Nov. 12, 1999, 113 Stat. 1426.)
Section Referred to in Other Sections
This section is referred to in section 6762 of this title.
