Nevada Revised Statutes 686B.220 – Nevada Essential Insurance Association: Membership and reimbursement of Board of Directors; submission to and approval or adoption of plan of operation by Commissioner
1. The administrative powers of the Nevada Essential Insurance Association shall be vested in a Board of Directors consisting of not less than five nor more than nine members serving terms as established in the plan of organization. The members of the Board shall be appointed by the Commissioner with due consideration given to the composition of the membership of the Association and to the interests of the insureds who are provided essential insurance coverage by the Association.
Terms Used In Nevada Revised Statutes 686B.220
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
2. 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 and for reasonable and equitable compensation as may be prescribed by the terms of the plan of organization.
3. The Board of Directors of the Association shall submit to the Commissioner a plan of organization for the Association and make suitable or necessary amendments thereto to assure the fair, reasonable and equitable administration of the Association. The plan of operation shall become effective upon approval in writing by the Commissioner.
4. If the Association fails to submit a suitable plan of operation within a reasonable period of time, or if at any time thereafter the Association fails to submit suitable amendments to the plan, the Commissioner shall promulgate a plan as necessary or advisable to effectuate the provisions of this section.