15 USC 6754 - Board of directors

U.S Code last checked for updates: May 04, 2024

§ 6754.

Board of directors

(a)

Establishment

(b)

Powers

(c)

Composition

(1)

In general

The Board shall consist of 13 members who shall be appointed by the President, by and with the advice and consent of the Senate, in accordance with the procedures established under Senate Resolution 116 of the 112th Congress, of whom—

(A)

8 shall be State insurance commissioners appointed in the manner provided in paragraph (2), 1 of whom shall be designated by the President to serve as the chairperson of the Board until the Board elects one such State insurance commissioner Board member to serve as the chairperson of the Board;

(B)

3 shall have demonstrated expertise and experience with property and casualty insurance producer licensing; and

(C)

2 shall have demonstrated expertise and experience with life or health insurance producer licensing.

(2)

State insurance regulator representatives

(A)

Recommendations

(B)

Political affiliation

(C)

Former State insurance commissioners

(i)

In general

(ii)

Limitation

(D)

Service through term

(3)

Private sector representatives

(4)

State insurance commissioner defined

(d)

Terms

(1)

In general

(2)

Exceptions

(A)

1-year terms

The term of service shall be 1 year, as designated by the President at the time of the nomination of the subject Board members for—

(i)

4 of the State insurance commissioner Board members initially appointed under paragraph (1)(A),2

 So in original. Probably should be “paragraph (1)(A) of subsection (c),”.

of whom not more than 2 shall belong to the same political party;

(ii)

1 of the Board members initially appointed under paragraph (1)(B); 3

 So in original. Probably should be “paragraph (1)(B) of subsection (c);”.

and

(iii)

1 of the Board members initially appointed under paragraph (1)(C).4

 So in original. Probably should be “paragraph (1)(C) of subsection (c).”

(B)

Expiration of term

(C)

Mid-term appointments

(3)

Successive terms

(e)

(f)

Meetings

(1)

In general

The Board shall meet—

(A)

at the call of the chairperson;

(B)

as requested in writing to the chairperson by not fewer than 5 Board members; or

(C)

as otherwise provided by the bylaws of the Association.

(2)

Quorum required

(3)

Voting

(4)

Initial meeting

(g)

Restriction on confidential information

(h)

Ethics and conflicts of interest

The Board shall issue and enforce an ethical conduct code to address permissible and prohibited activities of Board members and Association officers, employees, agents, or consultants. The code shall, at a minimum, include provisions that prohibit any Board member or Association officer, employee, agent or consultant from—

(1)

engaging in unethical conduct in the course of performing Association duties;

(2)

participating in the making or influencing the making of any Association decision, the outcome of which the Board member, officer, employee, agent, or consultant knows or had reason to know would have a reasonably foreseeable material financial effect, distinguishable from its effect on the public generally, on the person or a member of the immediate family of the person;

(3)

accepting any gift from any person or entity other than the Association that is given because of the position held by the person in the Association;

(4)

making political contributions to any person or entity on behalf of the Association; and

(5)

lobbying or paying a person to lobby on behalf of the Association.

(i)

Compensation

(1)

In general

(2)

Travel expenses and per diem

(Pub. L. 106–102, title III, § 324, as added Pub. L. 114–1, title II, § 202(a), Jan. 12, 2015, 129 Stat. 20.)

cite as: 15 USC 6754