(a) The board of directors of the association shall consist of not less than five nor more than nine member insurers serving terms as established in the plan of operation. The members of the board shall be selected by the Commissioner from a list provided to the Commissioner from the board. Vacancies on the board shall be filled for the remaining period of the term by a majority vote of the remaining board members, subject to the approval of the Commissioner.
(b) In approving selections of members to the board, the Commissioner shall consider, among other things, whether all member insurers are fairly represented.
(c) Members of the board may be reimbursed from the assets of the association for reasonable expenses incurred by them in their capacity as members of the board of directors, but members of the board shall not otherwise be compensated by the association for their services.
Section: Previous 33-38-1 33-38-2 33-38-3 33-38-4 33-38-5 33-38-6 33-38-7 33-38-8 33-38-9 33-38-10 33-38-11 33-38-12 33-38-13 33-38-14 33-38-15 NextLast modified: October 14, 2016