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15 U.S. Code § 6754. Board of directors
(a) Establishment
There is established a board of directors of the Association, which shall have authority to govern and supervise all activities of the Association.
(b) Powers
The Board shall have such of the powers and authority of the Association as may be specified in the bylaws of the Association.[1]
(c) Composition
(1) In generalThe Board shall consist of 13 members who shall be appointed by the President, by and with the advice and consent of the Senate, in accordance with the procedures established under Senate Resolution 116 of the 112th Congress, of whom—
(A)
8 shall be State insurance commissioners appointed in the manner provided in paragraph (2), 1 of whom shall be designated by the President to serve as the chairperson of the Board until the Board elects one such State insurance commissioner Board member to serve as the chairperson of the Board;
(B)
3 shall have demonstrated expertise and experience with property and casualty insurance producer licensing; and
(C)
2 shall have demonstrated expertise and experience with life or health insurance producer licensing.
(2) State insurance regulator representatives
(A) Recommendations
Before making any appointments pursuant to paragraph (1)(A), the President shall request a list of recommended candidates from the States through the NAIC, which shall not be binding on the President. If the NAIC fails to submit a list of recommendations not later than 15 business days after the date of the request, the President may make the requisite appointments without considering the views of the NAIC.
(B) Political affiliation
Not more than 4 Board members appointed under paragraph (1)(A) shall belong to the same political party.
(C) Former State insurance commissioners
(i) In general
If, after offering each currently serving State insurance commissioner an appointment to the Board, fewer than 8 State insurance commissioners have accepted appointment to the Board, the President may appoint the remaining State insurance commissioner Board members, as required under paragraph (1)(A), of the appropriate political party as required under subparagraph (B), from among individuals who are former State insurance commissioners.
(ii) Limitation
A former State insurance commissioner appointed as described in clause (i) may not be employed by or have any present direct or indirect financial interest in any insurer, insurance producer, or other entity in the insurance industry, other than direct or indirect ownership of, or beneficial interest in, an insurance policy or annuity contract written or sold by an insurer.
(D) Service through term
If a Board member appointed under paragraph (1)(A) ceases to be a State insurance commissioner during the term of the Board member, the Board member shall cease to be a Board member.