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 and perform such agreements as necessary to carry out the duties of the As- sociation; (5) hire employees, professionals, or special- ists, and elect or appoint officers, and to fix their compensation, define their duties and give them appropriate authority to carry out the purposes of this subchapter, and determine their qualification; (6) establish personnel policies of the Asso- ciation and programs relating to, among other things, conflicts of interest, rates of com- pensation, where applicable, and qualifications of personnel; (7) borrow money; and (8) secure funding for such amounts as the Association determines to be necessary and appropriate to organize and begin operations of the Association, which shall be treated as loans to be repaid by the Association with in- terest at market rate. (Pub. L. 106–102, title III, § 326, as added Pub. L. 114–1, title II, § 202(a), Jan. 12, 2015, 129 Stat. 24.) Editorial Notes REFERENCES IN TEXT The District of Columbia Nonprofit Corporation Act, referred to in text, is Pub. L. 87–569, Aug. 6, 1962, 76 Stat. 265, which is not classified to the Code. PRIOR PROVISIONS A prior section 6756, Pub. L. 106–102, title III, § 326, Nov. 12, 1999, 113 Stat. 1426, related to board of direc- tors, prior to the general amendment of this subchapter by Pub. L. 114–1. See section 6754 of this title. § 6757. 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 Treas- ury, 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 sub- chapter, during such fiscal year. (b) Financial statements Each report submitted under subsection (a) with respect to any fiscal year shall include au- dited financial statements setting forth the fi- nancial 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. (Pub. L. 106–102, title III, § 327, as added Pub. L. 114–1, title II, § 202(a), Jan. 12, 2015, 129 Stat. 24.) Editorial Notes PRIOR PROVISIONS Provisions similar to this section were contained in section 6762(c) of this title, prior to the general amend- ment of this subchapter by Pub. L. 114–1. A prior section 6757, Pub. L. 106–102, title III, § 327, Nov. 12, 1999, 113 Stat. 1427, related to officers of the As- sociation, prior to the general amendment of this sub- chapter by Pub. L. 114–1. § 6758. Liability of the Association and the Board members, officers, and employees of the As- sociation (a) In general The Association shall not be deemed to be an insurer or insurance producer within the mean- ing of any State law, rule, regulation, or order regulating or taxing insurers, insurance pro- ducers, or other entities engaged in the business of insurance, including provisions imposing pre- mium taxes, regulating insurer solvency or fi- nancial condition, establishing guaranty funds and levying assessments, or requiring claims settlement practices. (b) Liability of Board members, officers, and em- ployees 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 re- sponsibilities in connection with the Associa- tion. (Pub. L. 106–102, title III, § 328, as added Pub. L. 114–1, title II, § 202(a), Jan. 12, 2015, 129 Stat. 25.)