Minnesota Statutes 60C.08 – Board of Directors
Subdivision 1.Composition.
The board of directors of the association shall consist of nine persons. Two of the directors shall be public members and seven shall be insurer members. The public members shall be appointed by the commissioner. Public members may include licensed insurance agents. The insurer members of the board shall be selected by association members subject to the approval of the commissioner. Vacancies on the board shall be filled for the remaining period of the term in the same manner as initial appointments. The term of appointment for all members is two years.
Subd. 2.Commissioner’s duty.
Terms Used In Minnesota Statutes 60C.08
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Terms Used In Minnesota Statutes 60C.08
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
In approving selections to the board, the commissioner shall consider among other things whether member insurers are fairly represented.
Subd. 3.Member reimbursement.
Members of the board may be reimbursed from the assets of the association for reasonable and necessary sums expended by them as members of the board of directors.