A. The board of directors of the association shall consist of not less than five (5) nor more than nine (9) 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 superintendent. 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 superintendent.
B. In approving selections to the board, the superintendent shall consider among other things whether all member insurers are fairly represented.
C. Members of the board of directors may be reimbursed from the assets of the association for expenses incurred by them as members of the board of directors.
History: Laws 1984, ch. 127, § 772.