SEC. 211. ESTABLISHMENT OF ASBESTOS INSURERS COMMISSION.

(a) Establishment- There is established the Asbestos Insurers Commission (referred to in this subtitle as the `Commission') to carry out the duties described in section 212.

(b) Membership-

(1) APPOINTMENT- The Commission shall be composed of 5 members who shall be appointed by the President, by and with the advice and consent of the Senate.

(2) QUALIFICATIONS-

(A) EXPERTISE- Members of the Commission shall have sufficient expertise to fulfill their responsibilities under this subtitle.

(B) CONFLICT OF INTEREST-

(i) IN GENERAL- No member of the Commission appointed under paragraph (1) may be an employee or immediate family member of an employee of an insurer participant. No member of the Commission may be a former employee or shareholder of any insurer participant, unless that is fully disclosed.

(ii) DEFINITION- In clause (i), the term `shareholder' shall not include a broadly based mutual fund that may, from time-to-time include the stocks of insurer participants as a portion of its overall holdings.

(C) FEDERAL EMPLOYMENT- A member of the Commission may not be an officer or employee of the Federal Government, except by reason of membership on the Commission.

(3) PERIOD OF APPOINTMENT- Members shall be appointed for the life of the Commission.

(4) VACANCIES- Any vacancy in the Commission shall be filled in the same manner as the original appointment.

(5) CHAIRMAN- The President shall select a Chairman from among its members.

(c) Meetings-

(1) INITIAL MEETING- Not later than 30 days after the date on which all members of the Commission have been appointed, the Commission shall hold its first meeting.

(2) SUBSEQUENT MEETINGS- The Commission shall meet at the call of the Chairman as necessary to accomplish the duties under section 212.

(3) QUORUM- No business may be conducted or hearings held without the participation of a majority of the members of the Commission.