Page:United States Statutes at Large Volume 113 Part 2.djvu/408

 113 STAT. 1428 PUBLIC LAW 106-102—NOV. 12, 1999 Deadline. Notice. Deadline. (2) INITIAL CONSIDERATION BY THE NAIC.— Not later than 35 days after the date of publication of notice of filing of a proposal, or before the end of such longer period not to exceed 90 days as the NAIC may designate after such date, if the NAIC finds such longer period to be appropriate and sets forth its reasons for so finding, or as to which the Association consents, the NAIC shall— (A) by order approve such proposed rule or amendment; or (B) institute proceedings to determine whether such proposed rule or amendment should be modified or disapproved. (3) NAIC PROCEEDINGS.— (A) IN GENERAL. —Proceedings instituted by the NAIC with respect to a proposed rule or amendment pursuant to paragraph (2) shall— (i) include notice of the grounds for disapproval under consideration; (ii) provide opportunity for hearing; and (iii) be concluded not later than 180 days after the date of the Association's filing of such proposed rule or amendment. (B) DISPOSITION OF PROPOSAL.—At the conclusion of any proceeding under subparagraph (A), the NAIC shall, by order, approve or disapprove the proposed rule or amendment. (C) EXTENSION OF TIME FOR CONSIDERATION.—The NAIC may extend the time for concluding any proceeding under subparagraph (A) for— (i) not more than 60 days if the NAIC finds good cause for such extension and sets forth its reasons for so finding; or (ii) such longer period as to which the Association consents. (4) STANDARDS FOR REVIEW.— (A) GROUNDS FOR APPROVAL.—The NAIC shall approve a proposed rule or amendment if the NAIC finds that the rule "or amendment is in the public interest and is consistent with the purposes of this Act. (B) APPROVAL BEFORE END OF NOTICE PERIOD. —The NAIC shall not approve any proposed rule before the end of the 30-day period beginning on the date on which the Association files proposed rules or amendments in accordance with paragraph (1), unless the NAIC finds good cause for so doing and sets forth the reasons for so finding. (5) ALTERNATE PROCEDURE.— (A) IN GENERAL. — Notwithstanding any provision of this subsection other than subparagraph (B), a proposed rule or amendment relating to the administration or organization of the Association shall take effect— (i) upon the date of filing with the NAIC, if such proposed rule or amendment is designated by the Association as relating solely to matters which the NAIC, consistent with the public interest and the purposes of this subsection, determines by rule do not require the procedures set forth in this paragraph; or

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