Delaware Code Title 18 Sec. 4407 – Delaware Life and Health Insurance Guaranty Association — Board …
(a) The Board of Directors of the Association shall consist of not less than 5 nor more than 9 member insurers serving terms as established in the plan of operation. The members of the Board shall be selected by member insurers subject to the approval of the Commissioner. 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. 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 1 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 members.
Terms Used In Delaware Code Title 18 Sec. 4407
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means the Delaware Life and Health Insurance Guaranty Association created under § 4406 of this title. See Delaware Code Title 18 Sec. 4405
- Commissioner: means the Commissioner of Insurance of this State. See Delaware Code Title 18 Sec. 4405
- Member insurer: means an insurer, managed care organization, or health maintenance organization licensed or that holds a certificate of authority to transact in this State any kind of insurance, managed care organization, or health maintenance organization business for which coverage is provided under § 4403 of this title, and includes an insurer, managed care organization, 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whose license or certificate of authority in this State may have been suspended, revoked, not renewed or voluntarily withdrawn, but does not include: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 an individual, corporation, limited liability company, partnership, association, governmental body or entity or voluntary organization. See Delaware Code Title 18 Sec. 4405
(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.