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15 U.S.C. § 6759 — Liability of the Association and the Board members, officers, and employees of the Association

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

15 U.S.C. § 6759 — Liability of the Association and the Board members, officers, and employees of the Association

**(a) In general** The Association shall not be deemed to be an insurer or insurance producer within the meaning of any State law, rule, regulation, or order regulating or taxing insurers, insurance producers, or other entities engaged in the business of insurance, including provisions imposing premium taxes, regulating insurer solvency or financial condition, establishing guaranty funds and levying assessments, or requiring claims settlement practices. **(b) Liability of Board members, officers, and employees** No Board member, officer, or employee of the Association shall be personally liable to any person for any action taken or omitted in good faith in any matter within the scope of their responsibilities in connection with the Association.

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Stable record: federal_law:legal_authorities:record_usc_e8398964cb937c01e320d0ad
Source file: Laws/federal/codes/united-states-code/title-15/section-6759-liability-of-the-association-and-the-board-members-officers-and-employee--a8d6d94caf.md
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Source location: Title 15, Chapter 93, § 6759; chapter-093-insurance.md

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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. § 6761 — Relationship to State law

**(a) Preemption of State laws** State laws, regulations, provisions, or other actions purporting to regulate insurance producers shall be preempted to the extent provided in subsection (b). **(b) Prohibited actions** (1) **In general** — No State shall— (A) impede the activities of, take any action against, or apply any provision of law or regulation arbitrarily or discriminatorily to, any insurance producer because that insurance producer or any affiliate plans to become, has applied to become, or is a member of the Association; (B) impose any requirement upon a member of the Association that it pay fees different from those required to be paid to that State were it not a member of the Association; or (C) impose any continuing education requirements on any nonresident insurance producer that is a member of the Association. (2) **States other than a home State** — No State, other than the home State of a member of the Association, shall— (A) impose any licensing, personal or corporate qualifications, education, training, experience, residency, continuing education, or bonding requirement upon a member of the Association that is different from the criteria for membership in the Association or renewal of such membership; (B) impose any requirement upon a member of the Association that it be licensed, registered, or otherwise qualified to do business or remain in good standing in the State, including any requirement that the insurance producer register as a foreign company with the secretary of state or equivalent State official; (C) require that a member of the Association submit to a criminal history record check as a condition of doing business in the State; or (D) impose any licensing, registration, or appointment requirements upon a member of

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

15 U.S.C. § 6759 — Presidential oversight

Page 2287 TITLE 15—COMMERCE AND TRADE § 6760 Editorial Notes PRIOR PROVISIONS Provisions similar to this section were contained in section 6761 of this title, prior to the general amend- ment of this subchapter by Pub. L. 114–1. A prior section 6758, Pub. L. 106–102, title III, § 328, Nov. 12, 1999, 113 Stat. 1427, related to bylaws, rules, and disciplinary action, prior to the general amendment of this subchapter by Pub. L. 114–1. See section 6755 of this title. § 6759. Presidential oversight (a) Removal of Board If the President determines that the Associa- tion is acting in a manner contrary to the inter- ests of the public or the purposes of this sub- chapter or has failed to perform its duties under this subchapter, the President may remove the entire existing Board for the remainder of the term to which the Board members were ap- pointed and appoint, in accordance with section 6754 of this title and with the advice and consent of the Senate, in accordance with the procedures established under Senate Resolution 116 of the 112th Congress, new Board members to fill the vacancies on the Board for the remainder of the terms. (b) Removal of Board member The President may remove a Board member only for neglect of duty or malfeasance in office. (c) Suspension of bylaws and standards and pro- hibition of actions Following notice to the Board, the President, or a person designated by the President for such purpose, may suspend the effectiveness of any bylaw or standard, or prohibit any action, of the Association that the President or the designee determines is contrary to the purposes of this subchapter. (Pub. L. 106–102, title III, § 329, as added Pub. L. 114–1, title II, § 202(a), Jan. 12, 2015, 129 Stat. 25.) Editorial Notes REFERENCES I

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