Washington Code 48.32.050 – Board of directors
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(1) The board of directors of the association shall consist of not less than five nor more than nine persons serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner. 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 commissioner.
Terms Used In Washington Code 48.32.050
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means the Washington insurance guaranty association created in RCW 48. See Washington Code 48.32.030
- Commissioner: means the insurance commissioner of this state. See Washington Code 48.32.030
- Member insurer: means any person who (a) writes any kind of insurance to which this chapter applies under RCW 48. See Washington Code 48.32.030
(2) In approving selections to the board, the commissioner shall consider among other things whether all member insurers are fairly represented. In the event of the insolvency of a member insurer who writes longshore and harbor workers’ compensation act insurance, at least one member of the board must represent the interests of this class of insurer, and this member shall be added to the board at the next annual meeting following the insolvency.
(3) 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.
[ 2005 c 100 § 5; 1975-’76 2nd ex.s. c 109 § 5; 1971 ex.s. c 265 § 5.]