7 U.S.C. § 1505 — Management of Corporation

(a) Board^*. (1) Management is placed in a Board of Directors under the Secretary’s general supervision. (2) The Board consists only of: (A) the Corporation^* manager, a nonvoting ex officio member; (B) the Agriculture Under Secretary^* responsible for Federal crop insurance; (C) one additional Agriculture Under Secretary chosen by the Secretary; (D) the Agriculture Department^* Chief Economist; (E) one crop-insurance expert; (F) one reinsurance or insurance-regulation expert; and (G) four active producer policyholders from different United States regions, representing different agricultural commodities and including at least one specialty-crop producer. (3) Members under (E), (F), and (G) are appointed by and serve at the Secretary’s pleasure, may not otherwise work for the Federal Government, serve staggered four-year terms set by the Secretary, and may serve no more than two consecutive terms. (4) The Board chooses its Chairperson. (b) Vacancies. Vacancies do not impair Board powers while four members remain in office. Four members constitute a quorum. (c) Compensation. Department employees serving as Directors receive no extra pay, but may receive necessary travel and subsistence expenses for Corporation business outside the District of Columbia. Directors who are not Federal employees receive compensation set by the Secretary, not exceeding the daily equivalent of the GS-18 rate under title 5 section 5332 when actually working, plus necessary travel and subsistence expenses or authorized per diem under section 5703 when away from home or regular business. (d) Manager. The manager is chief executive officer, with authority the Board gives. The Secretary appoints the manager, who serves at the Secretary’s pleasure. (e) Expert review. (1) The Board must create procedures for independent review by experienced actuaries and underwriters of every policy or insurance plan, and related material or modification, offered under this subchapter. (2) Except under (3), the Board must contract with at least five reviewers. No more than one may be a Federal employee, and at least one must be designated by approved insurers under Board procedures. (3) For a submission under section 1508(h), the Board must contract with at least five reviewers; no more than one may be a Federal employee, none may work for an approved insurer, and each review must reach the Board at least 30 days before the 120-day period in section 1508(h)(4)(D) ends. (4) The Board must consider these reviews when considering a policy, plan, related material, or modification. (5) Reviews are paid from section 1516(b)(2)(A)(ii) funds. (6) This contracting authority is in addition to the Board’s other section 1506(l) authority.