Page:United States Statutes at Large Volume 124.djvu/1970

 124 STAT. 1944 PUBLIC LAW 111–203—JULY 21, 2010 to carry out and assess the effectiveness of the program under this section. (e) MAXIMUM AMOUNT.—The amount of a grant under this section may not exceed— (1) $500,000 for each of 3 consecutive fiscal years, if the recipient is a State, or an eligible entity of a State, that has adopted rules— (A) on the appropriate use of designations in the offer or sale of securities or investment advice that meet or exceed the minimum requirements of the NASAA Model Rule on the Use of Senior-Specific Certifications and Profes- sional Designations (or any successor thereto); (B) on the appropriate use of designations in the sale of insurance products that, to the extent practicable, con- form to the minimum requirements of the National Associa- tion of Insurance Commissioners Model Regulation on the Use of Senior-Specific Certifications and Professional Des- ignations in the Sale of Life Insurance and Annuities (or any successor thereto); and (C) with respect to fiduciary or suitability requirements in the sale of annuities that meet or exceed the minimum requirements established by the Suitability in Annuity Transactions Model Regulation of the National Association of Insurance Commissioners (or any successor thereto); and (2) $100,000 for each of 3 consecutive fiscal years, if the recipient is a State, or an eligible entity of a State, that has adopted— (A) rules on the appropriate use of designations in the offer or sale of securities or investment advice that meet or exceed the minimum requirements of the NASAA Model Rule on the Use of Senior-Specific Certifications and Professional Designations (or any successor thereto); or (B) rules— (i) on the appropriate use of designations in the sale of insurance products that, to the extent prac- ticable, conform to the minimum requirements of the National Association of Insurance Commissioners Model Regulation on the Use of Senior-Specific Certifi- cations and Professional Designations in the Sale of Life Insurance and Annuities (or any successor thereto); and (ii) with respect to fiduciary or suitability require- ments in the sale of annuities that meet or exceed the minimum requirements established by the Suit- ability in Annuity Transactions Model Regulation of the National Association of Insurance Commissioners (or any successor thereto). (f) SUBGRANTS.—A State or eligible entity that receives a grant under this section may make a subgrant, as the State or eligible entity determines is necessary to carry out the activities funded using a grant under this section. (g) REAPPLICATION.—A State or eligible entity that receives a grant under this section may reapply for a grant under this section, notwithstanding the limitations on grant amounts under subsection (e).