2012 US Code
Title 15 - Commerce and Trade
Chapter 93 - INSURANCE (§§ 6701 - 6781)
Subchapter III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND BROKERS (§§ 6751 - 6766)
Section 6755 - Membership
Publication Title | United States Code, 2012 Edition, Title 15 - COMMERCE AND TRADE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 15 - COMMERCE AND TRADE CHAPTER 93 - INSURANCE SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND BROKERS Sec. 6755 - Membership |
Contains | section 6755 |
Date | 2012 |
Laws in Effect as of Date | January 15, 2013 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 106-102, title III, §325, Nov. 12, 1999, 113 Stat. 1424. |
Statutes at Large Reference | 113 Stat. 1424 |
Public Law Reference | Public Law 106-102 |
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Any State-licensed insurance producer shall be eligible to become a member in the Association.
(2) Ineligibility for suspension or revocation of licenseNotwithstanding 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 eligibilityParagraph (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 criteriaThe 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 membershipThe 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) CategoriesThe 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 generalThe Association may establish criteria for membership which shall include standards for integrity, personal qualifications, education, training, and experience.
(2) Minimum standardIn 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 membershipMembership 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 renewalMembership in the Association shall be renewed on an annual basis.
(g) Continuing educationThe 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 revocationThe 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 generalThe 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 referralsThe 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 accessThe 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, §325, Nov. 12, 1999, 113 Stat. 1424.)
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