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Code · BILL · 113th Congress · H.R. 737 (Introduced in House) — To establish a national catastrophic risk consortium to ensure the availability and affordability of homeowners’ insu... · Sec. 7

Sec. 7. Management

297 words·~1 min read·/bill/113/hr/737/ih/section-7

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The management of the Consortium shall be vested in a board of directors (referred to in this Act as the Board ) composed of not less than 3 members. The Secretary of the Treasury, or the designee of the Secretary, shall serve as the chairperson of the Board. The members of the Board shall include— the Secretary of Homeland Security and the Secretary of Commerce, or the designees of such Secretaries, respectively, but only during such times as there are fewer than two States participating in the Consortium; and a member from each State participating in the Consortium, who shall be appointed by such State.
The Board may prescribe, amend, and repeal such bylaws as may be necessary for carrying out the functions of the Consortium. A member of the Board who is not otherwise employed by the Federal Government shall be entitled to receive the daily equivalent of the annual rate of basic pay payable for level IV of the Executive Schedule under section 5315 of title 5, United States Code, as in effect from time to time, for each day (including travel time) during which such member is engaged in the actual performance of duties of the Consortium.
A member of the Board who is an officer or employee of the Federal Government shall serve without additional pay (or benefits in the nature of compensation) for service as a member of the Consortium. Members of the Consortium shall be entitled to receive travel expenses, including per diem in lieu of subsistence, equivalent to those set forth in subchapter I of chapter 57 of title 5, United States Code. A majority of the Board shall constitute a quorum. The Board shall appoint an executive director of the Consortium on such terms as the Board may determine.
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