Page:United States Statutes at Large Volume 113 Part 2.djvu/407

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1427 SEC. 327. OFFICERS. 15 USC 6757. (a) IN GENERAL.— (1) POSITIONS,—The officers of the Association shall consist of a chairperson and a vice chairperson of the Board, a president, secretary, and treasurer of the Association, and such other officers and assistant officers as may be deemed necessary. (2) MANNER OF SELECTION.— Each officer of the Board and the Association shall be elected or appointed at such time and in such manner and for such terms not exceeding 3 years as may be prescribed in the bylaws of the Association. (b) CRITERIA FOR CHAIRPERSON. —Only individuals who are members of the NAIC shall be eligible to serve as the chairperson of the board of directors. SEC. 328. BYLAWS, RULES, AND DISCIPLINARY ACTION. 15 USC 6758. (a) ADOPTION AND AMENDMENT OF BYLAWS. — (1) COPY REQUIRED TO BE FILED WITH THE NAIC—The board of directors of the Association shall file with the NAIC a copy of the proposed bylaws or any proposed amendment to the bylaws, accompanied by a concise general statement of the basis and purpose of such proposal. (2) EFFECTIVE DATE.— Except as provided in paragraph (3), any proposed bylaw or proposed amendment shall take effect— (A) 30 days after the date of the filing of a copy with the NAIC; (B) upon such later date as the Association may designate; or (C) upon such earlier date as the NAIC may determine. (3) DISAPPROVAL BY THE NAIC—Notwithstanding paragraph (2), a proposed bylaw or amendment shall not take effect if, after public notice and opportunity to participate in a public hearing— (A) the NAIC disapproves such proposal as being contrary to the public interest or contrary to the purposes of this subtitle and provides notice to the Association setting forth the reasons for such disapproval; or (B) the NAIC finds that such proposal involves a matter of such significant public interest that public comment should be obtained, in which case it may, after notifying the Association in writing of such finding, require that the procedures set forth in subsection (b) be followed with respect to such proposal, in the same manner as if such proposed bylaw change were a proposed rule change within the meaning of such subsection. (b) ADOPTION AND AMENDMENT OF RULES.— (1) FILING PROPOSED REGULATIONS WITH THE NAIC— (A) IN GENERAL. —The board of directors of the Association shall file with the NAIC a copy of any proposed rule or any proposed amendment to a rule of the Association which shall be accompanied by a concise general statement of the basis and purpose of such proposal. (B) OTHER RULES AND AMENDMENTS INEFFECTIVE.— No proposed rule or amendment shall take effect unless approved by the NAIC or otherwise permitted in accordance with this paragraph.

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