58-6A-3.9. Governance standards.
The board of directors shall adopt and disclose governance standards and make the information available electronically through the risk retention group's website or by other means. The risk retention group shall provide the governance standards to members or insureds on request. The adopted governance standards shall include the following:
(1)Concerning the directors of the risk retention group:
(a)A process by which the directors are elected by the owners or insureds;
(b)Qualification standards;
(c)Responsibilities;
(d)Access to management and, as necessary and appropriate, independent advisors;
(e)Compensation; and
(f)Orientation and continuing education;
(2)The policies and procedures that are followed for management succession; and
(3)The policies and procedures that are followed for annual performance evaluation of the board.
Source: SL 2016, ch 232, §11.