Page:United States Statutes at Large Volume 113 Part 2.djvu/410

 113 STAT. 1430 PUBLIC LAW 106-102—NOV. 12, 1999 (f) EFFECT OF REVIEW. — The filing of an application to the NAIC for review of a disciplinary action, or the institution of review by the NAIC on the NAIC's own motion, shall not operate as a stay of disciplinary action unless the NAIC otherwise orders. (g) SCOPE OF REVIEW. — (1) IN GENERAL.—In any proceeding to review such action, after notice and the opportunity for hearing, the NAIC shall— (A) determine whether the action should be taken; (B) affirm, modify, or rescind the disciplinary sanction; or (C) remand to the Association for further proceedings. (2) DISMISSAL OF REVIEW.—The NAIC may dismiss a proceeding to review disciplinary action if the NAIC finds that— (A) the specific grounds on which the action is based exist in fact; (B) the action is in accordance with applicable rules and regulations; and (C) such rules and regulations are, and were, applied in a manner consistent with the purposes of this subtitle. 15 USC 6759. SEC. 329. ASSESSMENTS. (a) INSURANCE PRODUCERS SUBJECT TO ASSESSMENT. —The Association may establish such application and membership fees as the Association finds necessary to cover the costs of its operations, including fees made reimbursable to the NAIC under subsection (b), except that, in setting such fees, the Association may not discriminate against smaller insurance producers. (b) NAIC ASSESSMENTS.— The NAIC may assess the Association for any costs that the NAIC incurs under this subtitle. 15 USC 6760. SEC. 330. FUNCTIONS OF THE NAIC. (a) ADMINISTRATIVE PROCEDURE. — Determinations of the NAIC, for purposes of making rules pursuant to section 328, shall be made after appropriate notice and opportunity for a hearing and for submission of views of interested persons. (b) EXAMINATIONS AND REPORTS. — (1) EXAMINATIONS.—The NAIC may make such examinations and inspections of the Association and require the Association to furnish to the NAIC such reports and records or copies thereof as the NAIC may consider necessary or appropriate in the public interest or to effectuate the purposes of this subtitle. (2) REPORT BY ASSOCIATION. — As soon as practicable after the close of each fiscal year, the Association shall submit to the NAIC a written report regarding the conduct of its business, and the exercise of the other rights and powers granted by this subtitle, during such fiscal year. Such report shall include financial statements setting forth the financial position of the Association at the end of such fiscal year and the results of its operations (including the source and application of its funds) for such fiscal year. The NAIC shall transmit such report to the President and the Congress with such comment thereon as the NAIC determines to be appropriate. 15 USC 6761. SEC. 331. LIABILITY OF THE ASSOCIATION AND THE DIRECTORS, OFFI- CERS, AND EMPLOYEES OF THE ASSOCIATION. (a) IN GENERAL. —The Association shall not be deemed to be an insurer or insurance producer within the meaning of any State

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