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 6756 - Board of directors
| 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. 6756 - Board of directors |
| Contains | section 6756 |
| Date | 2012 |
| Laws in Effect as of Date | January 15, 2013 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 106-102, title III, §326, Nov. 12, 1999, 113 Stat. 1426. |
| Statutes at Large Reference | 113 Stat. 1426 |
| Public Law Reference | Public Law 106-102 |
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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) PowersThe Board shall have such powers and authority as may be specified in the bylaws of the Association.
(c) Composition (1) MembersThe Board shall be composed of 7 members appointed by the NAIC.
(2) RequirementAt 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 generalIf, 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 compositionIf 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) InoperabilityIf 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) TermsThe 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 vacanciesA 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) MeetingsThe 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, §326, Nov. 12, 1999, 113 Stat. 1426.)
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