Page:United States Statutes at Large Volume 113 Part 2.djvu/405

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1425 (1) CLASSES OF MEMBERSHIP.—The Association may establish separate classes of membership, with separate criteria, if the Association reasonably determines that performance of different duties requires different levels of education, training, or experience. (2) CATEGORIES. —The Association may establish separate categories of membership for individuals and for other persons. The establishment of any such categories of membership shall be based either on the t5rpes of licensing categories that exist under State laws or on the aggregate amount of business handled by an insurance producer. No special categories of membership, and no distinct membership criteria, shall be established for members which are depository institutions or for their employees, agents, or affiliates. (d) MEMBERSHIP CRITERIA.— (1) IN GENERAL.—The Association may establish criteria for membership which shall include standards for integrity, personal qualifications, education, training, and experience. (2) MINIMUM STANDARD. — In establishing criteria under paragraph (1), the Association shall consider the highest levels of insurance producer qualifications established under the licensing laws of the States. (e) EFFECT OF MEMBERSHIP. —Membership in the Association shall entitle the member to licensure in each State for which the member pays the requisite fees, including licensing fees and, where applicable, bonding requirements, set by such State. (f) ANNUAL RENEWAL. —Membership in the Association shall be renewed on an annual basis. (g) CONTINUING EDUCATION. — The Association shall establish, as a condition of membership, continuing education requirements which shall be comparable to or greater than the continuing education requirements under the licensing laws of a majority of the States. (h) SUSPENSION AND REVOCATION.—The Association may— (1) inspect and examine the records and offices of the members of the Association to determine compliance with the criteria for membership established by the Association; and (2) suspend or revoke the membership of an insurance producer if— (A) the producer fails to meet the Applicable membership criteria of the Association; or (B) the producer has been subject to disciplinary action pursuant to a final adjudicatory proceeding under the jurisdiction of a State insurance regulator, and the Association concludes that retention of membership in the Association would not be in the public interest. (i) OFFICE OF CONSUMER COMPLAINTS.— (1) IN GENERAL.—The Association shall establish an office Establishment. of consumer complaints that shall— (A) receive and investigate complaints from both consumers and State insurance regulators related to members of the Association; and (B) recommend to the Association any disciplinary actions that the office considers appropriate, to the extent that any such recommendation is not inconsistent with State law.

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