Title 15 — Commerce and Trade
Chapter 93 — Insurance
§ 6759. Presidential oversight
Statutory text
Removal of Board
If the President determines that the Association is acting in a manner contrary to the interests of the public or the purposes of this subchapter 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 appointed 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.
Removal of Board member
The President may remove a Board member only for neglect of duty or malfeasance in office.
Suspension of bylaws and standards and prohibition 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.
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 § 329 · 113 Stat. 1338
Enacted · 15 U.S.C. § 6759
(Pub. L. 106–102, title III, § 329, as added Pub. L. 114–1, title II, § 202(a), Jan. 12, 2015, 129 Stat. 25.)
Source evidence
Code source credit
(Pub. L. 106–102, title III, § 329, as added Pub. L. 114–1, title II, § 202(a), Jan. 12, 2015, 129 Stat. 25.)Enacted provision · exact public law section
SEC. 329. ASSESSMENTS. (a) Insurance Producers Subject to Assessment.— The Association may establish such application and membership fees as the Association finds necessary to cover the costs of its operations, including fees made reimbursable to the NAIC under subsection (b), except that, in setting such fees, the Association may not discriminate against smaller insurance producers. (b) NAIC Assessments.— The NAIC may assess the Association for any costs that the NAIC incurs under this subtitle.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
Senate Resolution 116 of the 112th Congress, referred to in subsec. (a), which was agreed to , provided for expedited Senate consideration of certain nominations subject to advice and consent.
Prior Provisions
Provisions similar to this section were contained in section 6762(b)(2)(C) of this title, prior to the general amendment of this subchapter by Pub. L. 114–1.
A prior section 6759, Pub. L. 106–102, title III, § 329, , 113 Stat. 1430, related to assessments, prior to the general amendment of this subchapter by Pub. L. 114–1. See section 6756(1) of this title.
Credits
(Pub. L. 106–102, title III, § 329, as added Pub. L. 114–1, title II, § 202(a), , 129 Stat. 25.)