Nevada Revised Statutes 686C.140 – Board of Directors: Members; vacancies; initial selection; reimbursement of expenses
1. The Board of Directors of the Association consists of not less than 7 nor more than 11 members, serving terms as established in the plan of operation.
Terms Used In Nevada Revised Statutes 686C.140
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. The members of the Board who represent member insurers must be selected by member insurers subject to the approval of the Commissioner. If practicable, one of the members of the Board must be an officer of a domestic member insurer.
3. Two public representatives must be appointed to the Board by the Commissioner. A public representative may not be an officer, director or employee of a member insurer, engaged in the business of insurance or a health maintenance organization.
4. Vacancies on the Board must be filled for the remaining period of the term by majority vote of the members of the Board, subject to the approval of the Commissioner, for members who represent member insurers, and by the Commissioner for public representatives.
5. 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 is 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 members to represent member insurers in addition to the public representatives.
6. In approving selections or in appointing members to the Board, the Commissioner shall consider, among other things, whether all member insurers are fairly represented.
7. 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 may not otherwise be compensated by the Association for their services.