Oregon Statutes - Chapter 734 - Rehabilitation, Liquidation and Conservation of Insurers - Section 734.560 - Association board of directors; terms; vacancies; compensation and expenses; quorum.

(1) The board of directors of the Oregon Insurance Guaranty Association shall consist of nine members selected by the member insurers, subject to the approval of the Director of the Department of Consumer and Business Services. The term of each member of the board shall be as specified in the plan, but in no event for longer than four years. A vacancy on the board shall be filled for the remainder of the unexpired term in the same manner as for the initial selection. If the initial selection of members is not made within 60 days after September 9, 1971, the director may select the initial members.

(2) In making or approving selections to the board, the director shall consider, among other things, whether member insurers are fairly represented.

(3) A member of the board shall receive no compensation for services as a member. However, a member shall be reimbursed by the association for actual and necessary travel and other expenses incurred by the member in the performance of duties.

(4) A majority of the members of the board constitutes a quorum for the transaction of business. [1971 c.616 §7]

Section:  Previous  734.440  734.510  734.520  734.530  734.540  734.550  734.555  734.560  734.570  734.575  734.577  734.579  734.580  734.590  734.600  Next

Last modified: August 7, 2008