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15 U.S.C. § 6756 — Bylaws, standards, and disciplinary actions

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 6756 — Bylaws, standards, and disciplinary actions

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Source location: Title 15, Chapter 93, § 6756; chapter-093-insurance.md

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**(a) Adoption and amendment of bylaws and standards** (1) **Procedures** — The Association shall adopt procedures for the adoption of bylaws and standards that are similar to procedures under subchapter II of chapter 5 of title 5 (commonly known as the “Administrative Procedure Act”). (2) **Copy required to be filed** — The Board shall submit to the President, through the Department of the Treasury, and the States (including State insurance regulators), and shall publish on the website of the Association, all proposed bylaws and standards of the Association, or any proposed amendment to the bylaws or standards of the Association, accompanied by a concise general statement of the basis and purpose of such proposal. (3) **Effective date** — Any proposed bylaw or standard of the Association, and any proposed amendment to the bylaws or standards of the Association, shall take effect, after notice under paragraph (2) and opportunity for public comment, on such date as the Association may designate, unless suspended under [section 6759(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6759/c&num=0&edition=prelim). (4) **Rule of construction** — Nothing in this section shall be construed to subject the Board or the Association to the requirements of subchapter II of chapter 5 of title 5 (commonly known as the “Administrative Procedure Act”). **(b) Disciplinary action by the Association** (1) **Specification of charges** — In any proceeding to determine whether membership shall be denied, suspended, revoked, or not renewed, or to determine whether a member of the Association should be placed on probation (referred to in this section as a “disciplinary action”) or whether to assess fines or monetary penalties, the Association shall bring specific charges, notify the member of the charges, give the member an opportunity to defend against the charges, and keep a record. (2) **Supporting statement** — A determination to take disciplinary action shall be supported by a statement setting forth— (A) any act or practice in which the member has been found to have been engaged; (B) the specific provision of this subchapter or standard of the Association that any such act or practice is deemed to violate; and (C) the sanction imposed and the reason for the sanction. (3) **Ineligibility of private sector representatives** — Board members appointed pursuant to [section 6754(c)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6754/c/3&num=0&edition=prelim) may not— (A) participate in any disciplinary action or be counted toward establishing a quorum during a disciplinary action; and (B) have access to confidential information concerning any disciplinary action.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 6753 — Purpose

The purpose of the Association shall be to provide a mechanism through which licensing, continuing education, and other nonresident insurance producer qualification requirements and conditions may be adopted and applied on a multi-state basis without affecting the laws, rules, and regulations, and preserving the rights of a State, pertaining to— (1) licensing, continuing education, and other qualification requirements of insurance producers that are not members of the Association; (2) resident or nonresident insurance producer appointment requirements; (3) supervising and disciplining resident and nonresident insurance producers; (4) establishing licensing fees for resident and nonresident insurance producers so that there is no loss of insurance producer licensing revenue to the State; and (5) prescribing and enforcing laws and regulations regulating the conduct of resident and nonresident insurance producers.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 6758 — Report by the Association

**(a) In general** As soon as practicable after the close of each fiscal year, the Association shall submit to the President, through the Department of the Treasury, and the States (including State insurance regulators), and shall publish on the website of the Association, a written report regarding the conduct of its business, and the exercise of the other rights and powers granted by this subchapter, during such fiscal year. **(b) Financial statements** Each report submitted under subsection (a) with respect to any fiscal year shall include audited financial statements setting forth the financial position of the Association at the end of such fiscal year and the results of its operations (including the source and application of its funds) for such fiscal year.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 6755 — Board of directors

**(a) Establishment** There is established a board of directors of the Association, which shall have authority to govern and supervise all activities of the Association. **(b) Powers** The Board shall have such of the powers and authority of the Association as may be specified in the bylaws of the Association.11 So in original. Probably should be “such powers and authority as may be specified in the bylaws of the Association.” **(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* — Before making any appointments pursuant to paragraph (1)(A), the President shall request a list of recommended candidates from the States through the NAIC, which shall not be binding on the President. If the NAIC fails to submit a list of recommendations not later than 15 business days after the date of the request, the President may make the requisite appointments without considering the views of the NAIC. (B) *Political affiliation* — Not more than 4 Board members appointe

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 6756 — Powers

Page 2286 TITLE 15—COMMERCE AND TRADE § 6756 (A) any act or practice in which the mem- ber has been found to have been engaged; (B) the specific provision of this sub- chapter or standard of the Association that any such act or practice is deemed to vio- late; and (C) the sanction imposed and the reason for the sanction. (3) Ineligibility of private sector representa- tives Board members appointed pursuant to sec- tion 6754(c)(3) of this title may not— (A) participate in any disciplinary action or be counted toward establishing a quorum during a disciplinary action; and (B) have access to confidential information concerning any disciplinary action. (Pub. L. 106–102, title III, § 325, as added Pub. L. 114–1, title II, § 202(a), Jan. 12, 2015, 129 Stat. 23.) Editorial Notes PRIOR PROVISIONS Provisions similar to this section were contained in section 6758 of this title, prior to the general amend- ment of this subchapter by Pub. L. 114–1. A prior section 6755, Pub. L. 106–102, title III, § 325, Nov. 12, 1999, 113 Stat. 1424, related to membership in the Association, prior to the general amendment of this subchapter by Pub. L. 114–1. See section 6753 of this title. § 6756. Powers In addition to all the powers conferred upon a nonprofit corporation by the District of Colum- bia Nonprofit Corporation Act, the Association shall have the power to— (1) establish and collect such membership fees as the Association finds necessary to im- pose to cover the costs of its operations; (2) adopt, amend, and repeal bylaws, proce- dures, or standards governing the conduct of Association business and performance of its duties; (3) establish procedures for providing notice and opportunity for comment pursuant to sec- tion 6755(a) of this title; (4) enter into

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