Vermont Statutes Title 8 Sec. 4983
Terms Used In Vermont Statutes Title 8 Sec. 4983
- Association: means a joint underwriting association established pursuant to this chapter. See
- Commissioner: means the Commissioner of Financial Regulation or a designee. See
- Plan: means the plan of operation of the association approved or proposed by the Commissioner pursuant to this chapter. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 4983. Board of directors
Each association established under this chapter shall operate subject to the supervision of a board of directors consisting of representatives of four of the members, who shall be elected by the members; an insurance agent licensed and writing insurance in this State, who shall be named by the Commissioner; and two representatives of the group of buyers of the line of insurance provided, to be named by the association of such group, if any exists, or by the Commissioner. A chair and such other officers as may be provided for in the plan shall be elected by the board. The directors shall serve without compensation but shall be reimbursed by the association for their actual and necessary expenses incurred in the performance of their duties. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986.)