Current through Register Vol. 46, No. 39, September 25, 2024
(a) No person nominated for the position of,
or serving as, public governor shall be employed by or otherwise affiliated
with members, associate brokers, insurers, insurance agents, brokers and
producers, or entity of the insurance industry (individually an "insurance
organization" and collectively "insurance organizations").
(b) A person shall be deemed to be employed
by or otherwise affiliated with a member, associate broker, insurer, insurance
agent, broker and producer, or entity of the insurance industry, if:
(1) such person is an affiliated person of
any insurance organization; provided, however, that if such person is not an
officer, director, partner, member or employee of, and does not control, any
insurance organization, such person shall not, by reason of this paragraph, be
deemed to be so employed or affiliated as long as any company of which he is an
officer, director, partner, member or employee, or which he controls, is not an
insurance organization or controlled by an insurance organization; or
(2) such person, or any company of which such
person is an officer, director, partner, member or employee or which such
person controls, is, and shall have been at any time since the beginning of
such person's or such company's immediately preceding fiscal year ending at
least 90 days prior to the date of any determination hereunder, employed or
retained to perform legal, accounting, actuarial, claims adjustment, consulting
or financial advisory services (whether as an employee, an agent, an
independent contractor, or otherwise) by one or more insurance organizations,
and such employment or retention shall have resulted in such person or such
company having received revenues as a result thereof which constituted, in the
aggregate, more than three percent of the revenues of such person or company
for such fiscal year; or
(3) such
person is found by the board of governors of the exchange (including, without
limitation, the initial board of governors) or the nominating committees to be
employed by or otherwise affiliated with an insurance organization.
(c) Any determination, by the
board of governors of the exchange (including, without limitation, the initial
board of governors) or the nominating committees, that a person meets the
qualifications set forth in section 2(d) of article VI of the constitution and
bylaws of the exchange to be a public governor shall be conclusive.
