15 U.S.C. § 6735 — Definitions

Page 2278 TITLE 15—COMMERCE AND TRADE § 6734 1 See References in Text note below. (3) register with and designate the State in- surance regulator as its agent solely for the purpose of receiving service of legal docu- ments or process; (4) submit to an examination by the State insurance regulator in any licensed State in which the redomesticated insurer is doing business to determine the insurer’s financial condition, if— (A) the State insurance regulator of the transferee domicile has not begun an exam- ination of the redomesticated insurer and has not scheduled such an examination to begin before the end of the 1-year period be- ginning on the date of the redomestication; and (B) any such examination is coordinated to avoid unjustified duplication and repetition; (5) comply with a lawful order issued in— (A) a delinquency proceeding commenced by the State insurance regulator of any li- censed State if there has been a judicial finding of financial impairment under para- graph (7); or (B) a voluntary dissolution proceeding; (6) comply with any State law regarding de- ceptive, false, or fraudulent acts or practices, except that if the licensed State seeks an in- junction regarding the conduct described in this paragraph, such injunction must be ob- tained from a court of competent jurisdiction as provided in section 6734(a) of this title; (7) comply with an injunction issued by a court of competent jurisdiction, upon a peti- tion by the State insurance regulator alleging that the redomesticating insurer is in haz- ardous financial condition or is financially im- paired; (8) participate in any insurance insolvency guaranty association on the same basis as any other insurer licensed in the licensed State; and (9) require a person acting, or offering to act, as an insurance licensee for a redomes- ticated insurer in the licensed State to obtain a license from that State, except that such State may not impose any qualification or re- quirement that discriminates against a non- resident insurance licensee. (Pub. L. 106–102, title III, § 313, Nov. 12, 1999, 113 Stat. 1419.) § 6734. Other provisions (a) Judicial review The appropriate United States district court shall have exclusive jurisdiction over litigation arising under this section 1 involving any re- domesticating or redomesticated insurer. (b) Severability If any provision of this section,1 or the appli- cation thereof to any person or circumstances, is held invalid, the remainder of the section,1 and the application of such provision to other persons or circumstances, shall not be affected thereby. (Pub. L. 106–102, title III, § 314, Nov. 12, 1999, 113 Stat. 1420.) Editorial Notes REFERENCES IN TEXT This section, referred to in text, probably should be a reference to this subtitle, meaning subtitle B (§§ 311–316) of title III of Pub. L. 106–102, which is classi- fied generally to this subchapter. § 6735. Definitions For purposes of this subchapter, the following definitions shall apply: (1) Court of competent jurisdiction The term ‘‘court of competent jurisdiction’’ means a court authorized pursuant to section 6734(a) of this title to adjudicate litigation arising under this subchapter. (2) Domicile The term ‘‘domicile’’ means the State in which an insurer is incorporated, chartered, or organized. (3) Insurance licensee The term ‘‘insurance licensee’’ means any person holding a license under State law to act as insurance agent, subagent, broker, or consultant. (4) Institution The term ‘‘institution’’ means a corporation, joint stock company, limited liability com- pany, limited liability partnership, associa- tion, trust, partnership, or any similar entity. (5) Licensed State The term ‘‘licensed State’’ means any State, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Is- lands, the Virgin Islands, and the Northern Mariana Islands in which the redomesticating insurer has a certificate of authority in effect immediately prior to the redomestication. (6) Mutual insurer The term ‘‘mutual insurer’’ means a mutual insurer organized under the laws of any State. (7) Person The term ‘‘person’’ means an individual, in- stitution, government or governmental agen- cy, State or political subdivision of a State, public corporation, board, association, estate, trustee, or fiduciary, or other similar entity. (8) Policyholder The term ‘‘policyholder’’ means the owner of a policy issued by a mutual insurer, except that, with respect to voting rights, the term means a member of a mutual insurer or mu- tual holding company granted the right to vote, as determined under applicable State law. (9) Redomesticated insurer The term ‘‘redomesticated insurer’’ means a mutual insurer that has redomesticated pursu- ant to this subchapter. (10) Redomesticating insurer The term ‘‘redomesticating insurer’’ means a mutual insurer that is redomesticating pur- suant to this subchapter. (11) Redomestication or transfer The term ‘‘redomestication’’ or ‘‘transfer’’ means the transfer of the domicile of a mutual Page 2279 TITLE 15—COMMERCE AND TRADE § 6753 insurer from one State to another State pursu- ant to this subchapter. (12) State insurance regulator The term ‘‘State insurance regulator’’ means the principal insurance regulatory au- thority of a State, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Ter- ritory of the Pacific Islands, the Virgin Is- lands, and the Northern Mariana Islands. (13) State law The term ‘‘State law’’ means the statutes of any State, the District of Columbia, any terri- tory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands and any regulation, order, or requirement prescribed pursuant to any such statute. (14) Transferee domicile The term ‘‘transferee domicile’’ means the State to which a mutual insurer is redomes- ticating pursuant to this subchapter. (15) Transferor domicile The term ‘‘transferor domicile’’ means the State from which a mutual insurer is redomes- ticating pursuant to this subchapter. (Pub. L. 106–102, title III, § 315, Nov. 12, 1999, 113 Stat. 1420.) Executive Documents TERMINATION OF TRUST TERRITORY OF THE PACIFIC ISLANDS For termination of Trust Territory of the Pacific Is- lands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions. SUBCHAPTER III—NATIONAL ASSOCIATION OF REGISTERED AGENTS AND BROKERS Editorial Notes CODIFICATION Subtitle C of title III of the Gramm-Leach-Bliley Act, comprising this subchapter, was originally enacted by Pub. L. 106–102, title III, Nov. 12, 1999, 113 Stat. 1422. Such subtitle is shown herein, however, as having been added by Pub. L. 114–1, title II, § 202(a), Jan. 12, 2015, 129 Stat. 12, because of the extensive revision of subtitle C by Pub. L. 114–1. § 6751. National Association of Registered Agents and Brokers (a) Establishment There is established the National Association of Registered Agents and Brokers (referred to in this subchapter as the ‘‘Association’’). (b) Status The Association shall— (1) be a nonprofit corporation; (2) not be an agent or instrumentality of the Federal Government; (3) be an independent organization that may not be merged with or into any other private or public entity; and (4) except as otherwise provided in this sub- chapter, be subject to, and have all the powers conferred upon, a nonprofit corporation by the District of Columbia Nonprofit Corporation Act (D.C. Code, sec. 29–301.01 et seq.) or any successor thereto. (Pub. L. 106–102, title III, § 321, as added Pub. L. 114–1, title II, § 202(a), Jan. 12, 2015, 129 Stat. 13.) Editorial Notes REFERENCES IN TEXT The District of Columbia Nonprofit Corporation Act, referred to in subsec. (b)(4), is Pub. L. 87–569, Aug. 6, 1962, 76 Stat. 265, which is not classified to the Code. PRIOR PROVISIONS Provisions similar to this section were contained in section 6752 of this title, prior to the general amend- ment of this subchapter by Pub. L. 114–1. A prior section 6751, Pub. L. 106–102, title III, § 321, Nov. 12, 1999, 113 Stat. 1422, related to State flexibility in multistate licensing reforms, prior to the general amendment of this subchapter by Pub. L. 114–1. § 6752. Purpose The purpose of the Association shall be to pro- vide a mechanism through which licensing, con- tinuing education, and other nonresident insur- ance 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 Asso- ciation; (2) resident or nonresident insurance pro- ducer 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 regu- lations regulating the conduct of resident and nonresident insurance producers. (Pub. L. 106–102, title III, § 322, as added Pub. L. 114–1, title II, § 202(a), Jan. 12, 2015, 129 Stat. 13.) Editorial Notes PRIOR PROVISIONS Provisions similar to this section were contained in section 6753 of this title, prior to the general amend- ment of this subchapter by Pub. L. 114–1. A prior section 6752, Pub. L. 106–102, title III, § 322, Nov. 12, 1999, 113 Stat. 1424, related to National Associa- tion of Registered Agents and Brokers, prior to the general amendment of this subchapter by Pub. L. 114–1. See section 6751 of this title. § 6753. Membership (a) Eligibility (1) In general Any insurance producer licensed in its home State shall, subject to paragraphs (2) and (4), be eligible to become a member of the Associa- tion. (2) Ineligibility for suspension or revocation of license Subject to paragraph (3), an insurance pro- ducer is not eligible to become a member of