Page:United States Statutes at Large Volume 113 Part 2.djvu/411

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1431 law, rule, regulation, or order regulating or taxing insurers, insuremce producers, or other entities engaged in the business of insurance, including provisions imposing premium taxes, regulating insurer solvency or financial condition, establishing guaranty funds and levying assessments, or requiring claims settlement practices, (b) LIABILITY OF THE ASSOCIATION, ITS DIRECTORS, OFFICERS, AND EMPLOYEES. —Neither the Association nor any of its directors, officers, or employees shall have any liability to any person for any action taken or omitted in good faith under or in connection with any matter subject to this subtitle. SEC. 332. ELIMINATION OF NAIC OVERSIGHT. 15 USC 6762. (a) IN GENERAL. —The Association shall be established without NAIC oversight and the provisions set forth in section 324, subsections (a), (b), (c), and (e) of section 328, and sections 329(b) and 330 of this subtitle shall cease to be effective if, at the end of the 2-year period beginning on the date on which the provisions of this subtitle take effect pursuant to section 321— (1) at least a majority of the States representing at least 50 percent of the total United States commercial-lines insurance premiums have not satisfied the uniformity or reciprocity requirements of subsections (a), (b), and (c) of section 321; and (2) the NAIC has not approved the Association's bylaws as required by section 328 or is unable to operate or supervise the Association, or the Association is not conducting its activities as required under this Act. (b) BOARD APPOINTMENTS.— If the repeals required by subsection (a) are implemented, the following shall apply: (1) GENERAL APPOINTMENT POWER. —The President, with President, the advice and consent of the Senate, shall appoint the members Congress. of the Association's Board established under section 326 from lists of candidates recommended to the President by the NAIC. (2) PROCEDURES FOR OBTAINING NAIC APPOINTMENT REC- OMMENDATIONS.— (A) INITIAL DETERMINATION AND RECOMMENDATIONS. — After the date on which the provisions of subsection (a) Deadline, take effect, the NAIC shall, not later than 60 days thereafter, provide a list of recommended candidates to the President. If the NAIC fails to provide a list by that date, or if any list that is provided does not include at least 14 recommended candidates or comply with the requirements of section 326(c), the President shall, with the advice and consent of the Senate, make the requisite appointments without considering the views of the NAIC. (B) SUBSEQUENT APPOINTMENTS.—After the initial Deadline, appointments, the NAIC shall provide a list of at least six recommended candidates for the Board to the President by January 15 of each subsequent year. If the NAIC fails to provide a list by that date, or if any list that is provided does not include at least six recommended candidates or comply with the requirements of section 326(c), the President, with the advice and consent of the Senate, shall make the requisite appointments without considering the views of the NAIC. (C) PRESIDENTIAL OVERSIGHT.—

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