7 USC 1505 - Management of Corporation

U.S Code last checked for updates: Nov 26, 2024

§ 1505.

Management of Corporation

(a)

Board of Directors

(1)

Establishment

(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 insurance business.

(F)

One person experienced in reinsurance or the regulation of insurance.

(G)

Four active producers who are policy holders, are from different geographic areas of the United States, and represent a cross-section of agricultural commodities grown in the United States, including at least one specialty crop producer.

(3)

Appointment of private sector members

The members of the Board described in subparagraphs (E), (F), and (G) of paragraph (2)—

(A)

shall be appointed by, and hold office at the pleasure of, the Secretary;

(B)

shall not be otherwise employed by the Federal Government;

(C)

shall be appointed to staggered 4-year terms, as determined by the Secretary; and

(D)

shall serve not more than two consecutive terms.

(4)

Chairperson

(b)

Vacancies

(c)

Compensation

(d)

Manager of Corporation

(e)

Expert review of policies, plans of insurance, and related material

(1)

Review by experts

(2)

Review of Corporation policies and plans

Except as provided in paragraph (3), the Board shall contract with at least five persons to each conduct a review of the policy or plan of insurance, of whom—

(A)

not more than one person may be employed by the Federal Government; and

(B)

at least one person must be designated by approved insurance providers pursuant to procedures determined by the Board.

(3)

Review of private submissions

If the reviews under paragraph (1) cover a policy or plan of insurance, or any related material or modification of a policy or plan of insurance, submitted under section 1508(h) of this title—

(A)

the Board shall contract with at least five persons to each conduct a review of the policy or plan of insurance, of whom—

(i)

not more than one person may be employed by the Federal Government; and

(ii)

none may be employed by an approved insurance provider; and

(B)

each review must be completed and submitted to the Board not later than 30 days prior to the end of the 120-day period described in section 1508(h)(4)(D) of this title.

(4)

Consideration of reviews

(5)

Funding of reviews

(6)

Relation to other authority

(Feb. 16, 1938, ch. 30, title V, § 505, 52 Stat. 72; Aug. 1, 1947, ch. 440, § 8, 61 Stat. 719; Aug. 25, 1949, ch. 512, § 7, 63 Stat. 665; Pub. L. 96–365, title I, § 102, Sept. 26, 1980, 94 Stat. 1312; Pub. L. 103–354, title I, §§ 102(b)(3), (4), 103, 115(a), Oct. 13, 1994, 108 Stat. 3181, 3204; Pub. L. 106–224, title I, § 142(a)(1), (b), June 20, 2000, 114 Stat. 389, 390; Pub. L. 110–234, title XII, § 12033(c)(2)(B), May 22, 2008, 122 Stat. 1405; Pub. L. 110–246, § 4(a), title XII, § 12033(c)(2)(B), June 18, 2008, 122 Stat. 1664, 2167.)

cite as: 7 USC 1505