(a) The Arkansas Earthquake Authority shall operate subject to the supervision and control of the Board of the Arkansas Earthquake Authority. There shall be a board of seven (7) members to be appointed by the Insurance Commissioner, which shall meet at least annually to review and prescribe operating rules. The commissioner shall apportion the number of positions into three (3) classes which shall consist of the following members:
(1) Three (3) members shall be representatives of foreign insurance companies;
(2) Two (2) members shall be representatives of domestic insurance companies;
(3) One (1) member shall be a licensed insurance agent; and
(4) One (1) member shall be a consumer.
(b) The commissioner shall appoint members by class of one-year terms, two-year terms, and three-year terms. Thereafter, at each annual meeting, members appointed to succeed those whose terms expire shall be appointed to three-year terms.
(c) The board shall elect one (1) of its members as chair.
(d) Any vacancy in the board occurring for any reason other than the expiration of a term shall be filled for the unexpired term in the same manner as the original appointment.
(e) Members of the board may be reimbursed from moneys of the authority for actual and necessary expenses incurred by them to attend board meetings but shall not otherwise be compensated for their services.
Section: Previous 23-102-102 23-102-103 23-102-104 23-102-105 23-102-106 23-102-107 23-102-108 23-102-109 23-102-110 23-102-111 23-102-112 23-102-113 23-102-114 23-102-115 NextLast modified: November 15, 2016