Vermont Statutes Title 8 Sec. 4177
Terms Used In Vermont Statutes Title 8 Sec. 4177
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means the Vermont Life and Health Insurance Guaranty Association created under section 4176 of this chapter. See
- Commissioner: means the Commissioner of Financial Regulation. See
- Member insurer: means any insurer or health maintenance organization licensed or that holds a certificate of authority to transact in this State any kind of insurance or health maintenance organization business for which coverage is provided under section 4173 of this chapter and includes an insurer or health maintenance organization whose license or certificate of authority in this State may have been suspended, revoked, not renewed, or voluntarily withdrawn, but does not include:
- Person: means any individual, corporation, limited liability company, partnership, association, governmental body or entity, or voluntary organization. See
- State: means a state, the District of Columbia, Puerto Rico, and a U. See
§ 4177. Board of Directors
(a) The Board of Directors of the Association shall consist of not less than seven nor more than 11 member insurers serving terms as established in the plan of operation. Members of the Board shall be selected by member insurers subject to the approval of the Commissioner. A vacancy on the Board shall be filled for the remaining period of the term by a majority vote of the remaining board members, for member insurers subject to the approval of the Commissioner. To select the initial Board of Directors, and initially organize the Association, the Commissioner shall give notice to all member insurers of the time and place of the organizational meeting. In determining voting rights at the organizational meeting, each member insurer shall be entitled to one vote in person or by proxy. If the Board of Directors is not selected within 60 days after notice of the organizational meeting, the Commissioner may appoint the initial insurer members. At least one of the directors shall be a person who is an officer, director, or employee of an insurance company incorporated under the laws of this State; provided, however, this provision shall not apply in the event there is no member insurer incorporated under the laws of this State.
(b) In approving selections or in appointing 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 expenses incurred by them as members of the Board of Directors, but members of the Board shall not otherwise be compensated by the Association for their services. (Added 2023, No. 32, § 9, eff. July 1, 2023.)