Who Manages and Controls NIPR?
NIPR is a nonprofit organization governed by a Board of Directors comprised of five state insurance regulators and four insurance industry representatives. The Board of Directors meets at least quarterly, which includes meetings scheduled during the NAIC quarterly national meetings. Open meetings are also held at the NAIC quarterly national meetings where all registered NAIC attendees are invited to attend. A majority of NIPR s Directors must be in attendance at Board meetings before business can be transacted. However, certain issues require a “super-majority ” vote for passage. Currently, a super-majority vote is defined as seven of nine affirmative votes. A super-majority vote will be defined as six of nine affirmative votes following the latter of five years from the date of incorporation, or the date when the initial industry capital investment is repaid. Items covered under the super majority provisions include (1) amending the Articles of Incorporation or bylaws, (2) authorizing
