§ 27-34.3-7 - Board of directors.
SECTION 27-34.3-7
§ 27-34.3-7 Board of directors. – (a) The board of directors of the association shall consist of not less thanfive (5) nor more than nine (9) member insurers serving terms as established inthe plan of operation. The insurer members of the board shall be selected bymember insurers subject to the approval of the commissioner. The board ofdirectors, previously established under § 27-34.1-8 [Repealed],shall continue to operate in accordance with the provision of this section.Vacancies on the board shall be filled for the remaining period of the term bya majority vote of the remaining board members, subject to the approval of thecommissioner.
(b) In approving selections to the board, the commissionershall consider, among other things, whether all member insurers are fairlyrepresented.
(c) Members of the board may be reimbursed from the assets ofthe association for expenses incurred by them as members of the board ofdirectors but members of the board shall not be compensated by the associationfor their services.