A. The board of directors of the association shall consist of not less than seven nor more than eleven member insurers serving terms as established in the plan of operation. The insurer members of the board shall be elected by member insurers subject to the approval of the director. 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 director.

B. In approving selections or in appointing members to the board, the director may consider whether all member insurers are fairly represented.

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

C. Members of the board may be reimbursed from the assets of the association for expenses incurred as members of the board of directors, but members of the board may not otherwise be compensated by the association for services rendered.

Source: SL 2003, ch 252, § 7; SL 2020, ch 210, § 4.