Page:United States Statutes at Large Volume 113 Part 2.djvu/409

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1429 (ii) upon such date as the NAIC shall for good cause determine. (B) ABROGATION BY THE NAIC— (i) IN GENERAL.—At any time within 60 days after the date of filing of any proposed rule or amendment under subparagraph (A)(i) or clause (ii) of this subparagraph, the NAIC may repeal such rule or amendment and require that the rule or amendment be refiled and reviewed in accordance with this paragraph, if the NAIC finds that such action is necessary or appropriate in the public interest, for the protection of insurance producers or policyholders, or otherwise in furtherance of the purposes of this subtitle. (ii) EFFECT OF RECONSIDERATION BY THE NAIC.— Any action of the NAIC pursuant to clause (i) shall— (I) not affect the validity or force of a rule change during the period such rule or amendment was in effect; and (II) not be considered to be a final action. (c) ACTION REQUIRED BY THE NAIC—The NAIC may, in accordance with such rules as the NAIC determines to be necessary or appropriate to the public interest or to carry out the purposes of this subtitle, require the Association to adopt, amend, or repeal any bylaw, rule, or amendment of the Association, whenever adopted. (d) DISCIPLINARY ACTION BY THE ASSOCIATION.— (1) SPECIFICATION OF CHARGES.—In any proceeding to Notification. determine whether membership shall be denied, suspended. Records. revoked, or not renewed (hereafter in this section referred to as a "disciplinary action"), the Association shall bring specific charges, notify such member of such charges, give the member an opportunity to defend against the charges, and keep a record. (2) SUPPORTING STATEMENT. —A determination to take disciplinary action shall be supported by a statement setting forth— (A) any act or practice in which such member has been found to have been engaged; (B) the specific provision of this subtitle, the rules or regulations under this subtitle, or the rules of the Association which any such act or practice is deemed to violate; and (C) the sanction imposed and the reason for such sanction. (e) NAIC REVIEW OF DISCIPLINARY ACTION.— (1) NOTICE TO THE NAIC.— If the Association orders any disciplinary action, the Association shall promptly notify the NAIC of such action. (2) REVIEW BY THE NAIC.— Any disciplinary action taken by the Association shall be subject to review by the NAIC— (A) on the NAIC's own motion; or (B) upon application by any person aggrieved by such action if such application is filed with the NAIC not more thgin 30 days after the later of— (i) the date the notice was filed with the NAIC pursuant to paragraph (1); or (ii) the date the notice of the disciplinary action was received by such aggrieved person.

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