There is established the board of directors of the Association (hereafter in this subchapter referred to as the "Board") for the purpose of governing and supervising the activities of the Association and the members of the Association.
The Board shall have such powers and authority as may be specified in the bylaws of the Association.
The Board shall be composed of 7 members appointed by the NAIC.
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.
If, by the end of the 2-year period beginning on November 12, 1999, 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.
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.
If fewer than 7 State insurance regulators accept appointment to the Board, the Association shall be established without NAIC oversight pursuant to section 6762 of this title.
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.
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.
The Board shall meet at the call of the chairperson, or as otherwise provided by the bylaws of the Association.
(Pub. L. 106–102, title III, §326, Nov. 12, 1999, 113 Stat. 1426.)
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Last modified: October 26, 2015