‘‘(B) SEPARATE TREATMENT FOR DEPOSI-
TORY INSTITUTIONS PROHIBITED.—No special 
categories of membership, and no distinct mem-
bership criteria, shall be established for mem-
bers which are depository institutions or for 
employees, agents, or affiliates of depository in-
stitutions. 
‘‘(d) MEMBERSHIP CRITERIA.— 
‘‘(1) IN GENERAL.—The Association may estab-
lish criteria for membership which shall include 
standards for personal qualifications, education, 
training, and experience. 
‘‘(2) QUALIFICATIONS.—In establishing criteria 
under paragraph (1), the Association shall consider 
the NAIC Producer Licensing Model Act and the 
highest levels of insurance producer qualifications 
established under the licensing laws of the States. 
‘‘(3) ASSISTANCE FROM STATES.— 
‘‘(A) IN GENERAL.—The Association may 
request a State to provide assistance in inves-
tigating and evaluating a prospective member’s 
eligibility for membership in the Association. 
‘‘(B) RULE OF CONSTRUCTION.—Subpara-
graph (A) shall not be construed as requiring or 
authorizing any State to adopt new or addi-
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tional requirements concerning the licensing or 
evaluation of insurance producers. 
‘‘(4) DENIAL OF MEMBERSHIP.—The Associa-
tion may, based on reasonably consistently applied 
standards, deny membership to any State-licensed 
insurance producer for failure to meet the member-
ship criteria established by the Association. 
‘‘(e) EFFECT OF MEMBERSHIP.— 
‘‘(1) AUTHORITY OF ASSOCIATION MEMBERS.— 
Membership in the Association shall— 
‘‘(A) authorize an insurance producer to 
sell, solicit, negotiate, effect, procure, deliver, 
renew, continue, or bind insurance in any State 
for which the member pays the licensing fee set 
by such State for any line or lines of insurance 
specified in such producer’s home State license, 
and exercise all such incidental powers, as shall 
be necessary to carry out such activities, includ-
ing claims adjustments and settlement, risk 
management, employee benefits advice, retire-
ment planning, and any other insurance-related 
consulting activities; 
‘‘(B) be the equivalent of a nonresident in-
surance producer license issued in any State 
where the member pays the licensing fee; and 
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‘‘(C) subject an insurance producer to all 
laws, regulations, provisions or other action of 
any State concerning revocation or suspension 
of a member’s ability to engage in any activity 
within the scope of authority granted under this 
subsection and to all State laws, regulations, 
provisions and actions preserved under para-
graph (5). 
‘‘(2) DUPLICATIVE LICENSES.—No State, other 
than the member’s home State, may require an indi-
vidual member to obtain a business entity license or 
membership in order to engage in any activity within 
the scope of authority granted in paragraph (1) or 
in order for the member or any employer, employee, 
or affiliate of the member to receive compensation 
for the member’s performance of any such activity. 
‘‘(3) AGENT FOR REMITTING FEES.—The Asso-
ciation shall act as any member’s agent for purposes 
of remitting licensing fees to any State pursuant to 
paragraph (1). 
‘‘(4) REGULATOR NOTIFICATION.—The Associa-
tion shall notify the National Association of Insur-
ance Commissioners (hereinafter in this subtitle re-
ferred to as the ‘NAIC’) or its designee when a pro-
ducer becomes a member and identify, on an ongo-
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ing basis, the States in which the member is author-
ized to operate. 
‘‘(5) PRESERVATION OF STATE CONSUMER PRO-
TECTION AND MARKET CONDUCT REGULATION.—No 
provision of this section shall be construed as alter-
ing or affecting the continuing effectiveness of any 
law, regulation, provision, or other action of any 
State which purports to regulate market conduct or 
unfair trade practices or establish consumer protec-
tions to the extent that such law, regulation, provi-
sion, or other action is not inconsistent with the pro-
visions of this subtitle, and then only to the extent 
of such inconsistency. 
‘‘(f) BIENNIAL RENEWAL.—Membership in the Asso-
ciation shall be renewed on a biennial basis. 
‘‘(g) CONTINUING EDUCATION.— 
‘‘(1) IN GENERAL.—The Association shall es-
tablish, as a condition of membership, continuing 
education requirements which shall be comparable to 
the continuing education requirements under the li-
censing laws of a majority of the States. 
‘‘(2) STATE CONTINUING EDUCATION REQUIRE-
MENTS.—A member may not be required to satisfy 
continuing education requirements imposed under 
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the laws, regulations, provisions, or actions of any 
State other than such member’s home State. 
‘‘(3) RECIPROCITY.—The Association shall not 
require a member to satisfy continuing education re-
quirements that are equivalent to any continuing 
education requirements of the member’s home State 
that have been satisfied by the member during the 
applicable licensing period. 
‘‘(4) LIMITATION ON ASSOCIATION.—The Asso-
ciation shall not directly or indirectly offer any con-
tinuing education courses for insurance producers. 
‘‘(h) PROBATION, SUSPENSION AND REVOCATION.— 
‘‘(1) DISCIPLINARY ACTION.—The Association 
may place an insurance producer that is a member 
of the Association on probation or suspend or revoke 
such producer’s membership in the Association, as 
the Association determines to be appropriate, if— 
‘‘(A) the producer fails to meet the appli-
cable membership criteria of the Association; or 
‘‘(B) the producer has been subject to dis-
ciplinary action pursuant to a final adjudicatory 
proceeding under the jurisdiction of a State in-
surance regulator. 
‘‘(2) REPORTING TO STATE REGULATORS.—The 
Association shall notify the NAIC or its designee 
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when a producer’s membership has been suspended, 
revoked, and otherwise terminated. 
‘‘(i) CONSUMER COMPLAINTS.— 
‘‘(1) IN GENERAL.—The Association shall— 
‘‘(A) receive and, when appropriate, inves-
tigate complaints from both consumers and 
State insurance regulators related to members 
of the Association; 
‘‘(B) refer any proper complaint received 
in accordance with subparagraph (A) and make 
any related records and information available to 
the NAIC or its designee and to each State in-
surance regulator for the State of residence of 
the consumer who filed the complaint; and 
‘‘(C) refer, when appropriate, any such 
complaint to any additional appropriate State 
insurance regulator. 
‘‘(2) TELEPHONE
AND
OTHER
ACCESS.—The 
Association shall maintain a toll-free telephone num-
ber for the purpose of this subsection and, as prac-
ticable, other alternative means of communication 
with consumers, such as an Internet web page. 
‘‘SEC. 324. BOARD OF DIRECTORS. 
‘‘(a) ESTABLISHMENT.—There is established the 
board of directors of the Association (hereafter in this sub-
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title referred to as the ‘Board’), which shall have authority 
to govern and supervise all activities of the Association. 
‘‘(b) POWERS.—The Board shall have such of the As-
sociation’s powers and authority as may be specified in 
the bylaws of the Association. 
‘‘(c) COMPOSITION.— 
‘‘(1) IN GENERAL.—The Board shall consist of 
11 members who shall be appointed by the Presi-
dent, by and with the advice and consent of the Sen-
ate, of whom— 
‘‘(A) 6 shall be State insurance commis-
sioners appointed in the manner provided in 
paragraph (2); 
‘‘(B) 2 shall be representatives of property 
and casualty insurance producers; 
‘‘(C) 1 shall be a representative of life or 
health insurance producers; 
‘‘(D) 1 shall be a representative of prop-
erty and casualty insurers; and 
‘‘(E) 1 shall be a representative of life or 
health insurers. 
‘‘(2) STATE
INSURANCE
REGULATOR
REP-
RESENTATIVES.— 
‘‘(A) Before making any appointments 
pursuant to subparagraph (A) of paragraph 
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(1), the President shall request a list of rec-
ommended candidates from the NAIC, which 
shall not be binding on the President. If the 
NAIC fails to submit a list of recommendations 
within 15 days of the request, the President 
may make the requisite appointments without 
considering the views of the NAIC. 
‘‘(B) Not more than 3 members appointed 
to membership on the Board pursuant to sub-
paragraph (A) of paragraph (1) shall belong to 
the same political party. 
‘‘(C) If fewer than 6 State insurance com-
missioners accept appointment to the Board, 
the President may appoint the remaining State 
insurance commissioner members of the Board 
from among individuals who are former State 
insurance commissioners, provided that any 
former insurance commissioner so appointed 
shall not be employed by or have a present di-
rect or indirect financial interest in any insurer 
or other entity in the insurance industry other 
than direct or indirect ownership of, or bene-
ficial interest in, an insurance policy or annuity 
contract written or sold by an insurer. 
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‘‘(3) PRIVATE SECTOR REPRESENTATIVES.—In 
making any appointments pursuant to subpara-
graphs (B) through (E) of paragraph (1), the Presi-
dent may seek recommendations for candidates from 
national trade associations representing the category 
of individuals described, which shall not be binding 
on the President. 
‘‘(4) STATE
INSURANCE
COMMISSIONER
DE-
FINED.—For purposes of this subsection, the term 
‘State insurance commissioner’ means a person who 
serves in the position in State government, or on the 
board, commission, or other body that is the prin-
cipal insurance regulatory authority for the State. 
‘‘(d) TERMS.— 
‘‘(1) IN GENERAL.—The term of each Board 
member shall be for 2 years, except that— 
‘‘(A) the term of— 
‘‘(i) 3 of the State insurance commis-
sioner members of the Board initially ap-
pointed under subparagraph (A) of para-
graph (1); 
‘‘(ii) 1 of the property and casualty 
insurance producer members of the Board 
initially appointed under subparagraph (B) 
of paragraph (1); and 
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‘‘(iii) 1 of the insurer representative 
members of the Board initially appointed 
under subparagraphs (D) and (E) of para-
graph (1), 
shall be 1 year, as designated by the President 
at the time of the nomination of such members; 
‘‘(B) a member of the Board may continue 
to serve after the expiration of the term to 
which such member was appointed until a suc-
cessor is qualified; and 
‘‘(C) any member of the Board appointed 
to fill a vacancy occurring before the expiration 
of the term for which the member’s predecessor 
was appointed shall be appointed only for the 
remainder of that term. 
‘‘(2) SUCCESSIVE
TERMS.—Board members 
may be reappointed to successive terms. 
‘‘(e) MEETINGS.— 
‘‘(1) IN GENERAL.—The Board shall meet at 
the call of the chairperson, as requested in writing 
to the chairperson by at least four members of the 
Board, or as otherwise provided by the bylaws of the 
Association. 
‘‘(2) QUORUM REQUIRED.—A majority of direc-
tors shall constitute a quorum. 
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‘‘(3) VOTING.—Decisions of the Board shall re-
quire the approval of a majority of all directors 
present at a meeting, a quorum being present. 
‘‘SEC. 325. OFFICERS. 
‘‘(a) POSITIONS.—The officers of the Association 
shall consist of a chairperson and a vice chairperson of 
the Board, an executive director, secretary, and treasurer 
of the Association, and such other officers and assistant 
officers as may be deemed necessary. 
‘‘(b) MANNER OF SELECTION.—Each officer of the 
Board and the Association shall be elected or appointed 
at such time, in such manner, and for such terms as may 
be prescribed in the bylaws of the Association. 
‘‘SEC. 326. BYLAWS, RULES, AND DISCIPLINARY ACTION. 
‘‘(a) ADOPTION AND AMENDMENT OF BYLAWS.— 
‘‘(1) COPY
REQUIRED
TO
BE
FILED.—The 
board of directors of the Association shall submit to 
the President and the NAIC any proposed bylaw or 
rules of the Association or any proposed amendment 
to the bylaws or rules, accompanied by a concise 
general statement of the basis and purpose of such 
proposal. 
‘‘(2) EFFECTIVE DATE.—Any proposed bylaw 
or rule or proposed amendment to the bylaws or 
rules shall take effect, after notice published in the 
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Federal Register and opportunity for comment, upon 
such date as the Association may designate, unless 
suspended under subsection (c) of section 330. 
‘‘(b) DISCIPLINARY ACTION BY THE ASSOCIATION.— 
‘‘(1) SPECIFICATION OF CHARGES.—In any pro-
ceeding to determine whether membership shall be 
denied, suspended, revoked, or not renewed (here-
after in this section referred to as a ‘disciplinary ac-
tion’) or to determine whether a member of the As-
sociation should be placed on probation, the Associa-
tion shall bring specific charges, notify such member 
of such charges, give the member an opportunity to 
defend against the charges, and keep a record. 
‘‘(2) SUPPORTING STATEMENT.—A determina-
tion to take disciplinary action shall be supported by 
a statement setting forth— 
‘‘(A) any act or practice in which such 
member has been found to have been engaged; 
‘‘(B) the specific provision of this subtitle, 
the rules or regulations under this subtitle, or 
the rules of the Association which any such act 
or practice is deemed to violate; and 
‘‘(C) the sanction imposed and the reason 
for such sanction. 
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‘‘SEC. 327. POWERS. 
‘‘In addition to all the powers conferred upon a non-
profit corporation by the District of Columbia Nonprofit 
Corporation Act, the Association shall have the following 
powers: 
‘‘(1) To establish and collect such membership 
fees as the Association finds necessary to impose to 
cover the costs of its operations. 
‘‘(2) To adopt, amend, and repeal bylaws and 
rules governing the conduct of Association business 
and performance of its duties. 
‘‘(3) To establish procedures for providing no-
tice and opportunity for comment pursuant to sec-
tion 326(a). 
‘‘(4) To enter into and perform such agree-
ments as necessary to carry out its duties. 
‘‘(5) To hire employees, professionals or special-
ists, and elect or appoint officers, and to fix their 
compensation, define their duties and give them ap-
propriate authority to carry out the purposes of this 
subtitle, and determine their qualification; and to es-
tablish the Association’s personnel policies and pro-
grams relating to, among other things, conflicts of 
interest, rates of compensation, and qualifications of 
personnel. 
‘‘(6) To borrow money. 
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‘‘(7) To secure funding from board member or-
ganizations and other industry associations for such 
amounts that the Association determines to be nec-
essary and appropriate to organize and begin oper-
ations of the Association, which shall be treated as 
loans to be repaid by the Association with interest 
at market rate. 
‘‘SEC. 328. REPORT BY ASSOCIATION. 
‘‘(a) IN GENERAL.—As soon as practicable after the 
close of each fiscal year, the Association shall submit to 
the President and the NAIC a written report regarding 
the conduct of its business, and the exercise of the other 
rights and powers granted by this subtitle, during such 
fiscal year. 
‘‘(b) FINANCIAL STATEMENTS.—Each report sub-
mitted under subsection (a) with respect to any fiscal year 
shall include financial statements setting forth the finan-
cial position of the Association at the end of such fiscal 
year and the results of its operations (including the source 
and application of its funds) for such fiscal year. 
‘‘SEC. 329. LIABILITY OF THE ASSOCIATION AND THE DI-
RECTORS, OFFICERS, AND EMPLOYEES OF 
THE ASSOCIATION. 
‘‘(a) IN GENERAL.—The Association shall not be 
deemed to be an insurer or insurance producer within the 
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meaning of any State law, rule, regulation, or order regu-
lating or taxing insurers, insurance producers, or other en-
tities engaged in the business of insurance, including pro-
visions imposing premium taxes, regulating insurer sol-
vency or financial condition, establishing guaranty funds 
and levying assessments, or requiring claims settlement 
practices. 
‘‘(b) LIABILITY OF DIRECTORS, OFFICERS, AND EM-
PLOYEES.—No director, officer, or employee of the Asso-
ciation shall be personally liable to any person for any ac-
tion taken or omitted in good faith in any matter within 
the scope of their responsibilities in connection with the 
Association. 
‘‘SEC. 330. PRESIDENTIAL OVERSIGHT. 
‘‘(a) REMOVAL OF BOARD.—If the President deter-
mines that the Association is acting in a manner contrary 
to the interests of the public or the purposes of this sub-
title or has failed to perform its duties under this subtitle, 
the President may remove the entire existing Board for 
the remainder of the term to which the members of the 
Board were appointed and appoint, in accordance with 
section 324 and with the advice and consent of the Senate, 
new members to fill the vacancies on the Board for the 
remainder of such terms. 
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‘‘(b) REMOVAL OF BOARD MEMBER.—The President 
may remove a member of the Board only for neglect of 
duty or malfeasance in office. 
‘‘(c) SUSPENSION
OF RULES
OR ACTIONS.—The 
President, or a person designated by the President for 
such purpose, may suspend the effectiveness of any rule, 
or prohibit any action, of the Association which the Presi-
dent or the designee determines is contrary to the pur-
poses of this subtitle. 
‘‘SEC. 331. RELATIONSHIP TO STATE LAW. 
‘‘(a) PREEMPTION
OF STATE LAWS.—State laws, 
regulations, provisions, or other actions purporting to reg-
ulate insurance producers shall be preempted to the extent 
provided in subsection (b). 
‘‘(b) PROHIBITED ACTIONS.— 
‘‘(1) IN GENERAL.—No State shall— 
‘‘(A) impede the activities of, take any ac-
tion against, or apply any provision of law or 
regulation arbitrarily or discriminatorily to, any 
insurance producer because that insurance pro-
ducer or any affiliate plans to become, has ap-
plied to become, or is a member of the Associa-
tion; 
‘‘(B) impose any requirement upon a mem-
ber of the Association that it pay fees different 
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from those required to be paid to that State 
were it not a member of the Association; 
‘‘(C) impose any continuing education re-
quirements on nonresident insurance producers; 
or 
‘‘(D) impose any licensing, registration, or 
appointment requirements upon any non-
resident insurance producer that sells, solicits, 
negotiates, effects, procures, delivers, renews, 
continues, or binds insurance for commercial 
property and casualty risks to an insured with 
risks located in more than 1 State, if such non-
resident insurance producer is otherwise li-
censed as an insurance producer in the State 
where the insured maintains its principal place 
of business and the contract of insurance in-
sures risks located in that State. 
‘‘(2) STATES OTHER THAN A HOME STATE.— 
No State, other than a member’s home State, 
shall— 
‘‘(A) impose any licensing, integrity, per-
sonal or corporate qualifications, education, 
training, experience, residency, continuing edu-
cation, or bonding requirement upon a member 
of the Association that is different from the cri-
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teria for membership in the Association or re-
newal of such membership; 
‘‘(B) impose any requirement upon a mem-
ber of the Association that it be licensed, reg-
istered, or otherwise qualified to do business or 
remain in good standing in such State, includ-
ing any requirement that such insurance pro-
ducer register as a foreign company with the 
secretary of state or equivalent State official; or 
‘‘(C) require that a member of the Associa-
tion submit to a criminal history record check 
as a condition of doing business in such State. 
‘‘SEC. 332. COORDINATION WITH OTHER REGULATORS. 
‘‘(a) COORDINATION WITH STATE INSURANCE REGU-
LATORS.—The Association may— 
‘‘(1) establish a central clearinghouse, or utilize 
the NAIC or any other appropriate entity as a cen-
tral clearinghouse, through which members of the 
Association may pursuant to section 323(e) disclose 
their intent to operate in 1 or more States and pay 
the licensing fees to the appropriate States; and 
‘‘(2) establish a national database for the collec-
tion of regulatory information concerning the activi-
ties of insurance producers or contract with the 
NAIC or any other entity to utilize such a database. 
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‘‘(b) COORDINATION WITH THE FINANCIAL INDUS-
TRY REGULATORY AUTHORITY.—The Association shall 
coordinate with the Financial Industry Regulatory Au-
thority in order to ease any administrative burdens that 
fall on persons that are members of both associations, con-
sistent with the requirements of this subtitle and the Fed-
eral securities laws. 
‘‘SEC. 333. RIGHT OF ACTION. 
‘‘(a) RIGHT OF ACTION.—Any person aggrieved by 
a decision or action of the Association may, after reason-
ably exhausting available avenues for resolution within the 
Association, commence a civil action in an appropriate 
United States district court, and obtain all appropriate re-
lief. 
‘‘(b) ASSOCIATION INTERPRETATIONS.—In any such 
action, the court shall give appropriate weight to the Asso-
ciation’s interpretation of its bylaws and this subtitle. 
‘‘SEC. 334. DEFINITIONS. 
‘‘For purposes of this subtitle, the following defini-
tions shall apply: 
‘‘(1) HOME
STATE.—The term ‘home State’ 
means the State in which the insurance producer 
maintains its principal place of residence or business 
and is licensed to act as an insurance producer. 
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‘‘(2) INSURANCE.—The term ‘insurance’ means 
any product, other than title insurance, defined or 
regulated as insurance by the appropriate State in-
surance regulatory authority. 
‘‘(3) INSURANCE PRODUCER.—The term ‘insur-
ance producer’ means any insurance agent or 
broker, excess or surplus lines broker or agent, in-
surance consultant, limited insurance representative, 
and any other individual or entity that solicits, nego-
tiates, effects, procures, delivers, renews, continues 
or binds policies of insurance or offers advice, coun-
sel, opinions or services related to insurance. 
‘‘(4) STATE.—The term ‘State’ includes any 
State, the District of Columbia, any territory of the 
United States, and Puerto Rico, Guam, American 
Samoa, the Trust Territory of the Pacific Islands, 
the Virgin Islands, and the Northern Mariana Is-
lands. 
‘‘(5) STATE LAW.— 
‘‘(A) IN GENERAL.—The term ‘State law’ 
includes all laws, decisions, rules, regulations, 
or other State action having the effect of law, 
of any State. 
‘‘(B) LAWS APPLICABLE IN THE DISTRICT 
OF COLUMBIA.—A law of the United States ap-
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plicable only to or within the District of Colum-
bia shall be treated as a State law rather than 
a law of the United States.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Gramm-Leach-Bliley Act is amended by striking 
the items relating to subtitle C of title III and inserting 
the following new items: 
‘‘Subtitle C—National Association of Registered Agents and Brokers 
‘‘Sec. 321. National association of registered agents and brokers. 
‘‘Sec. 322. Purpose. 
‘‘Sec. 323. Membership. 
‘‘Sec. 324. Board of directors. 
‘‘Sec. 325. Officers. 
‘‘Sec. 326. Bylaws, rules, and disciplinary action. 
‘‘Sec. 327. Powers. 
‘‘Sec. 328. Report by association. 
‘‘Sec. 329. Liability of the association and the directors, officers, and employees 
of the association. 
‘‘Sec. 330. Presidential oversight. 
‘‘Sec. 331. Relationship to State law. 
‘‘Sec. 332. Coordination with other regulators. 
‘‘Sec. 333. Judicial review and enforcement. 
‘‘Sec. 334. Definitions.’’. 
Æ 
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Jkt 099200
PO 00000
Frm 00031
Fmt 6652
Sfmt 6301
E:\BILLS\H1112.IH
H1112
pwalker on DSKD5P82C1PROD with BILLS