Page:United States Statutes at Large Volume 114 Part 1.djvu/425

 PUBLIC LAW 106-224 —JUNE 20, 2000 114 STAT. 389 Subtitle D—Administration SEC. 141. RELATION TO OTHER LAWS. Section 502 of the Federal Crop Insurance Act (7 U.S.C. 1502), as amended by section 122, is amended by adding at the end the following: "(d) RELATION TO OTHER LAWS.— "(1) TERMS AND CONDITIONS OF POLICIES AND PLANS.— The terms and conditions of any policy or plan of insurance offered under this title that is reinsured by the Corporation shall not— "(A) be subject to the jurisdiction of the Commodity Futures Trading Commission or the Securities and Exchange Commission; or "(B) be considered to be accounts, agreements (including any transaction that is of the character of, or is commonly known to the trade as, an 'option', 'privilege', 'indemnity', 'bid', 'offer', 'put', 'call', 'advance guaranty', or 'decline guaranty*), or transactions involving contracts of sale of a commodity for future delivery, traded or executed on a contract market for the purposes of the Commodity Exchange Act (7 U.S.C. 1 et seq.). "(2) EFFECT ON CFTC AND COMMODITY EXCHANGE ACT.— Nothing in this title affects the jurisdiction of the Commodity Futures Trading Commission or the applicability of the Commodity Exchange Act (7 U.S.C. 1 et seq.) to any treuisaction conducted on a contract market under that Act by an approved insurance provider to offset the approved insurance provider's risk under a plan or policy of insurance under this title.". SEC. 142. MANAGEMENT OF CORPORATION. (a) BOARD OF DIRECTORS OF CORPORATION.— (1) CHANGE IN COMPOSITION.—Section 505 of the Federal Crop Insurance Act (7 U.S.C. 1505) is amended by striking the section heading, "SEC. 505.", and subsection (a) and inserting the following: "SEC. 505. MANAGEMENT OF CORPORATION. "(a) BOARD OF DIRECTORS.— " (1) ESTABLISHMENT.—The management of the Corporation shall be vested in a Board of Directors subject to the general supervision of the Secretary. "(2) COMPOSITION.— The Board shall consist of only the following members: "(A) The manager of the Corporation, who shall serve as a nonvoting ex officio member. "(B) The Under Secretary of Agriculture responsible for the Federal crop insurance program. "(C) One additional Under Secretary of Agriculture (as designated by the Secretary). "(D) The Chief Economist of the Department of Agriculture. "(E) One person experienced in the crop insureuice business. "(F) One person experienced in reinsurance or the regulation of insurance.

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