Membership of the Board of Directors; Vacancies; Compensation and Reimbursement of Expenses

  1. Law
  2. Georgia Code
  3. Insurance
  4. Georgia Life and Health Insurance Guaranty Association
  5. Membership of the Board of Directors; Vacancies; Compensation and Reimbursement of Expenses

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  1. The board of directors of the association shall consist of not less than seven nor more than 11 member insurers serving terms as established in the plan of operation. The members of the board shall be selected by the Commissioner from a list provided to the Commissioner from the board. 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.
  2. In approving selections of members to the board, the Commissioner shall consider, among other things, whether all member insurers are fairly represented.
  3. Members of the board may be reimbursed from the assets of the association for reasonable expenses incurred by them in their capacity as members of the board of directors, but members of the board shall not otherwise be compensated by the association for their services.

(Code 1933, § 56-2205, enacted by Ga. L. 1981, p. 1336, § 1; Ga. L. 1982, p. 3, § 33; Ga. L. 2012, p. 701, § 1/HB 786; Ga. L. 2020, p. 113, § 5/HB 1050.)

The 2020 amendment, effective July 1, 2020, in the first sentence of subsection (a), substituted "seven" for "five" and "11" for "nine".

RESEARCH REFERENCES

Am. Jur. 2d.

- 2 Am. Jur. 2d, Administrative Law, § 52.

C.J.S.

- 73 C.J.S., Public Administrative Law and Procedure, §§ 13, 14.


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