Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698745668771.pdf (Micronesia, Federated States of)
SIXTEENTH CONGRESS OF THE FEDERATED STATES OF MICRONESIA THIRD REGULAR SESSION, 2010 C.B.

NO.

16-81 A BILL FOR AN ACT To amend sections 201 and 203 of title 37 of the Code of the Federated States of Micronesia, as established by Public Law No.

14-66, to separate the functions of the Insurance Board and the Insurance Commissioner from the Banking Board and the Banking Commissioner, and for other purposes.

BE IT ENACTED BY THE CONGRESS OF THE FEDERATED STATES OF MICRONESIA: 1 Section 1.
Section 201 of the title 37 of the Code of the 2 Federated States of Micronesia, as established by Public Law No.

3 14-66, is hereby amended to read as follows: “Section 201.

Establishment of the Insurance Board.

There is hereby established an Insurance Board which shall be composed of three members appointed by the President with the advice and consent of the Congress of the Federated States of Micronesia.
[The Banking Board established in Section 201 of title 29 of the Code of the Federated States of Micronesia shall also serve as the Insurance Board and the Board shall meet as set forth in Section 204 of title 29 of the Code of the Federated States of Micronesia.

]” Section 2.

Section 203 of the title 37 of the Code of the 15 Federated States of Micronesia, as amended by Public Law No.

14- 16 66, is hereby amended to read as follows: 17 18 19 20 “Section 203.

Insurance Commissioner.


(1) The President shall appoint a person to be the Insurance Commissioner who shall be responsible to the Insurance Board for the execution of its policy and the CBL 16-96 C.B.

NO.

16-81 performance of duties and exercise of powers conferred by this title.

(2) The Insurance Commissioner shall be a person of recognized experience in insurance and financial matters and shall be eligible for reappointment.
The Insurance Commissioner shall not hold or occupy any other office unless approved in writing by the President.

[; except that the person appointed to be the Insurance Commissioner may also be appointed to be the Banking Commissioner.]

(3) The remuneration and other terms and conditions of employment of the Insurance Commissioner shall be determined from time to time by the Insurance Board.
(4) The Insurance Commissioner shall, except as may otherwise be provided in this title or the resolutions of the Insurance Board, have the power to act and sign instruments and documents on behalf of the Insurance Board.

(5) The Insurance Commissioner shall serve, ex officio, as a non-voting member of the Insurance Board.
(6) During any period when there is no duly appointed person serving as Insurance Commissioner, the Chairman of the Insurance Board shall perform the duties and exercise the rights of the Insurance Commissioner.” Section 3.

This act shall become law upon approval by the 2 of 3 C.B.

NO.

16-81 1 President of the Federated States of Micronesia or upon its 2 becoming law without such approval.
3 4 Date: 2/5/10 Introduced by: /s/ Joe N. Suka Joe N. Suka (by request) 3 of 3