Title 15 — Commerce and Trade
Chapter 93 — Insurance
§ 6756. Powers
Statutory text
In addition to all the powers conferred upon a nonprofit corporation by the District of Columbia Nonprofit Corporation Act, the Association shall have the power to—
establish and collect such membership fees as the Association finds necessary to impose to cover the costs of its operations;
adopt, amend, and repeal bylaws, procedures, or standards governing the conduct of Association business and performance of its duties;
establish procedures for providing notice and opportunity for comment pursuant to section 6755(a) of this title;
enter into and perform such agreements as necessary to carry out the duties of the Association;
hire employees, professionals, or specialists, 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;
establish personnel policies of the Association and programs relating to, among other things, conflicts of interest, rates of compensation, where applicable, and qualifications of personnel;
borrow money; and
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 interest at market rate.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 106–102 title III § 326 · 113 Stat. 1338
Enacted · 15 U.S.C. § 6756
(Pub. L. 106–102, title III, § 326, as added Pub. L. 114–1, title II, § 202(a), Jan. 12, 2015, 129 Stat. 24.)
Source evidence
Code source credit
(Pub. L. 106–102, title III, § 326, as added Pub. L. 114–1, title II, § 202(a), Jan. 12, 2015, 129 Stat. 24.)Enacted provision · exact public law section
SEC. 326. BOARD OF DIRECTORS. (a) Establishment.— There is established the board of directors of the Association (hereafter in this subtitle referred to as the “Board”) for the purpose of governing and supervising the activities of the Association and the members of the Association. (b) Powers.— The Board shall have such powers and authority as may be specified in the bylaws of the Association. (c) Composition.— (1) Members.— The Board shall be composed of 7 members appointed by the NAIC. (2) Requirement.— At least 4 of the members of the Board shall each have significant experience with the regulation of commercial lines of insurance in at least 1 of the 20 States in which the greatest total dollar amount of commercial-lines insurance is placed in the United States. (3) Initial board membership.— (A) In general.— If, by the end of the 2-year period beginning on the date of the enactment of this Act, the NAIC has not appointed the initial 7 members of the Board of the Association, the initial Board shall consist of the 7 State insurance regulators of the 7 States with the greatest total dollar amount of commercial-lines insurance in place as of the end of such period. (B) Alternate composition.— If any of the State insurance regulators described in subparagraph (A) declines to serve on the Board, the State insurance regulator with the next greatest total dollar amount of commercial-lines insurance in place, as determined by the NAIC as of the end of such period, shall serve as a member of the Board. (C) Inoperability.— If fewer than 7 State insurance regulators accept appointment to the Board, the Association shall be established without NAIC oversight pursuant to section 332. (d) Terms.— The term of each director shall, after the initial appointment of the members of the Board, be for 3 years, with one-third of the directors to be appointed each year. (e) Board Vacancies.— A vacancy on the Board shall be filled in the same manner as the original appointment of the initial Board for the remainder of the term of the vacating member. (f) Meetings.— The Board shall meet at the call of the chairperson, or as otherwise provided by the bylaws of the Association.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
The District of Columbia Nonprofit Corporation Act, referred to in text, is Pub. L. 87–569, , 76 Stat. 265, which is not classified to the Code.
Prior Provisions
A prior section 6756, Pub. L. 106–102, title III, § 326, , 113 Stat. 1426, related to board of directors, prior to the general amendment of this subchapter by Pub. L. 114–1. See section 6754 of this title.
Credits
(Pub. L. 106–102, title III, § 326, as added Pub. L. 114–1, title II, § 202(a), , 129 Stat. 24.)