(a) The Board of Governors of the association consists of not less than five nor more than nine representatives of member insurers. The director may appoint two individuals as members of the board to represent the public. Terms of office for board members shall be established in the plan of operation submitted under AS 21.79.080 . Member insurers shall select the insurer board members, subject to the approval of the director. A vacancy in a board membership held by an insurer member shall be filled for the unexpired term by a majority vote of the remaining board members, subject to the approval of the director. A vacancy in a board membership held by a representative of the public shall be filled by the director. A board member who represents the public may not be an officer, director, or employee of an insurer and may not be engaged in the business of insurance.
(b) Before the director approves the selection of an insurer board member, the director shall consider whether all member insurers are fairly represented on the board.
(c) A board member is not entitled to compensation by the association. However, a board member may be reimbursed from the assets of the association for expenses incurred while performing duties as a member of the board.
Section: Previous 21.79.010 21.79.020 21.79.025 21.79.030 21.79.040 21.79.050 21.79.060 21.79.070 21.79.080 21.79.090 21.79.100 21.79.110 21.79.120 21.79.130 21.79.140 NextLast modified: November 15, 2016