advisory board; meetings, duties, compensation, and expenses

advisory board; meetings, duties, compensation, and expenses Sec. 1202. [12 U.S.C. 1749bbb–1] (a)(1) There is established an Advisory Board (hereinafter called the “Board”) consisting of nineteen members appointed by the Director. Members of the Board shall be selected from among representatives of the general public, the insurance industry, State and local governments including insurance authorities, and the Federal Government. Of these members of the Board, not more than six shall be regular full-time employees of the Federal Government, and not less than four shall be representatives of the private insurance industry and not less than four shall be representatives of State insurance authorities. (2) The Director shall designate a Chairman and a Vice Chairman of the Board. (3) Each member shall serve for a term of two years, or until his successor has been appointed, except that no person, who is appointed while a full-time employee of a State or the Federal Government shall serve in such position after he ceases to be so employed, unless he is reappointed. (4) Any member appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of that term. (b) The Chairman shall preside at all meetings, and the Vice Chairman shall preside in the absence or disability of the Chairman. In the absence of both the Chairman and Vice Chairman, the Director may appoint any member to act as Chairman pro tempore. The Board shall meet at such times and places as it or the Director may fix and determine, but shall hold at least four regularly scheduled meeting a year. Special meetings may be held at the call of the Chairman or any three members of the Board, or at the call of the Director. (c) The Board shall review general policies and shall advise the Director with respect thereto, and perform such other functions as are specified in this title. (d) The members of Board shall not, by reason of such membership, be deemed to be employees of the United States, and such members, except those who are regular full-time employees of the Government, shall receive for their services, as members, the per diem equivalent to the rate for grade GS–18 of the General Schedule under section 5332 of title 5, United States Code, when engaged in the performance of their duties, and each member of the Board shall be allowed travel expenses, including per diem in lieu of subsistence as authorized by section 5703 of such title for persons in the Government service employed intermittently.