Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698746166530.pdf (Micronesia, Federated States of)
SIXTEENTH CONGRESS OF THE FEDERATED STATES OF MICRONESIA THIRD REGULAR SESSION, 2010 CONGRESSIONAL BILL NO.

16-81, C.D.1 P.C.

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16-38 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.

(1) There is hereby established an Insurance Board which shall be composed of three members appointed by the President and with the advice and consent of the Congress of the Federated States of Micronesia.
(2) All appointments shall be for a term of four years; PROVIDED, HOWEVER, that, unless otherwise provided by the President, all rights and powers of an Insurance Board member shall be maintained by each member until the appointment of such member's successor.

Insurance Board members shall be eligible for reappointment.

(3) The Chairman of the Insurance Board shall be elected by the members at the first organizational meeting of the Board.

4 CBL 16-96 P.C.

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16-81, C.D.1 (4) Prior to the appointment of members of the Insurance Board constituting a quorum, the Banking Board shall serve as the Insurance Board.

Furthermore, until separate logistical and administrative support are available to the Insurance Commissioner, the Insurance Commissioner shall utilize on a temporary basis the logistical and administrative support available to the Banking Commissioner.
Nothing herein derogates the authority and prerogative of the President to provide administrative support to the Insurance Board and the Insurance Commissioner pursuant to the provision of section 206.

Section 2.

Section 203 of the title 37 of the 15 Code of the Federated States of Micronesia, as amended by Public 16 Law No.

14-66, is hereby amended to read as follows: “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 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 2 of 4 P.C.

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16-81, C.D.1 Commissioner shall not hold or occupy any other office unless approved in writing by the President.

(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 24 President of the Federated States of Micronesia or upon its 3 of 4 P.C.

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16-81, C.D.1 1 becoming law without such approval.


2 June 29, 2010 (For) Alik L. Alik Manny Mori President Federated States of Micronesia 4 of 4