7 U.S.C. § 1505 : US Code - Section 1505: Management of Corporation

Search 7 U.S.C. § 1505 : US Code - Section 1505: Management of Corporation

(a) Board of Directors
(1) Establishment
The management of the Corporation shall be vested in a Board of
Directors subject to the general supervision of the Secretary.
(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
The Board shall select a member of the Board to serve as
Chairperson.
(b) Vacancies
Vacancies in the Board so long as there shall be four members in
office shall not impair the powers of the Board to execute the
functions of the Corporation, and four of the members in office
shall constitute a quorum for the transaction of the business of
the Board.
(c) Compensation
The Directors of the Corporation who are employed in the
Department shall receive no additional compensation for their
services as such Directors but may be allowed necessary traveling
and subsistence expenses when engaged in business of the
Corporation, outside of the District of Columbia. The Directors of
the Corporation who are not employed by the Federal Government
shall be paid such compensation for their services as Directors as
the Secretary shall determine, but such compensation shall not
exceed the daily equivalent of the rate prescribed for grade GS-18
under section 5332 of title 5 when actually employed, and actual
necessary traveling and subsistence expenses, or a per diem
allowance in lieu of subsistence expenses, as authorized by section
5703 of title 5 for persons in Government service employed
intermittently, when on the business of the Corporation away from
their homes or regular places of business.
(d) Manager of Corporation
The manager of the Corporation shall be its chief executive
officer, with such power and authority as may be conferred by the
Board. The manager shall be appointed by, and hold office at the
pleasure of, the Secretary.
(e) Expert review of policies, plans of insurance, and related
material
(1) Review by experts
The Board shall establish procedures under which any policy or
plan of insurance, as well as any related material or
modification of such a policy or plan of insurance, to be offered
under this chapter shall be subject to independent reviews by
persons experienced as actuaries and in underwriting, as
determined by the Board.
(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
The Board shall include reviews conducted under this subsection
as part of the consideration of any policy or plan or insurance,
or any related material or modification of a policy or plan of
insurance, proposed to be offered under this chapter.
(5) Funding of reviews
Each contract to conduct a review under this subsection shall
be funded from amounts made available under section
1516(b)(2)(A)(ii) of this title.
(6) Relation to other authority
The contract authority provided in this subsection is in
addition to any other contracting authority that may be exercised
by the Board under section 1506(l) of this title.