A. The Board of Directors of the Oklahoma Life and Health Insurance Guaranty Association shall consist of not less than seven (7) nor more than eleven (11) member insurers serving terms as established in the procedural rules of the Association. A majority of the Board shall be selected from the fifty (50) member insurers which write the largest volume of life and accident and health premiums and annuity considerations for the previous year. The members of the Board shall be selected by member insurers subject to the approval of the Insurance 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.
B. In calculating total premium for Board qualification purposes, premiums collected by different members of the same multi-insurer group may be attributable to each member of the group; provided, no two members of the same group shall serve on the Board at the same time.
C. In approving selections, the Commissioner shall consider, among other things, whether all member insurers are fairly represented.
D. Members of the Board may be reimbursed by the Association for expenses incurred by them as members of the Board, but members of the Board shall not otherwise be compensated by the Association for their services.
Added by Laws 1981, c. 133, § 6. Amended by Laws 1998, c. 237, § 1, eff. July 1, 1998; Laws 2019, c. 384, § 5, eff. Nov. 1, 2019.