Page:United States Statutes at Large Volume 113 Part 2.djvu/404

 113 STAT. 1424 PUBLIC LAW 106-102—NOV. 12, 1999 requirements to achieve the uniformity necessary to satisfy subsection (a)(1). 15 USC 6752. SEC. 322. NATIONAL ASSOCIATION OF REGISTERED AGENTS AND BRO- KERS. (a) ESTABLISHMENT.—T here is estabhshed the National Association of Registered Agents and Brokers (hereafter in this subtitle referred to as the "Association"). (b) STATUS. —The Association shall— (1) be a nonprofit corporation; (2) have succession until dissolved by an Act of Congress; (3) not be an agent or instrumentality of the United States Government; and (4) except as otherwise provided in this Act, 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. 29y-1001 et seq.). 15 USC 6753. SEC. 323. PURPOSE. The purpose of the Association shall be to provide a mechsmism through which uniform licensing, appointment, continuing education, and other insurance producer sales qualification requirements and conditions can be adopted and applied on a multistate basis, while preserving the right of States to license, supervise, and discipline insurance producers and to prescribe and enforce laws and regulations with regard to insurance-related consumer protection and vmfair trade practices. 15 USC 6754. SEC. 324. RELATIONSHIP TO THE FEDERAL GOVERNMENT. The Association shall be subject to the supervision and oversight of the NAIC. 15 USC 6755. SEC. 325. MEMBERSHIP. (a) ELIGIBILITY.— (1) IN GENERAL.— Any State-licensed insurance producer shall be eligible to become a member in the Association. (2) INELIGIBILITY FOR SUSPENSION OR REVOCATION OF LICENSE. — Notwithstanding paragraph (1), a State-licensed insurance producer shall not be eligible to become a member if a State insurance regulator has suspended or revoked such producer's license in that State during the 3-year period preceding the date on which such producer applies for membership. (3) RESUMPTION OF ELIGIBILITY.— Paragraph (2) shall cease to apply to any insurance producer if— (A) the State insurance regulator renews the license of such producer in the State in which the license was suspended or revoked; or (B) the suspension or revocation is subsequently overturned. (b) AUTHORITY TO ESTABLISH MEMBERSHIP CRITERIA.— The Association shall have the authority to establish membership criteria that— (1) bear a reasonable relationship to the purposes for which the Association was established; and (2) do not unfairly limit the access of smaller agencies to the Association membership. (c) ESTABLISHMENT OF CLASSES AND CATEGORIES. —

�