(a)
(1) The Authority shall be governed by a Board of Directors consisting of seven persons: the Commissioner of Finance and the Director of the Office of Management and Budget (who shall both serve ex officio), and five other persons appointed by the Governor with the advice and consent of the Legislature. Of the five appointed members: two shall be knowledgeable by education and training of insurance and the insurance industry, one shall be representative of the consumer/insured, and not more than three may be resident of any one island district.
(2) A majority of the members shall constitute a quorum of the Board of Directors for the purpose of conducting the business of the Authority and exercising its powers, and for all other purposes notwithstanding the existence of any vacancies, except that a lesser number may adjourn. Unless the Authority in its bylaws requires a greater proportion of any instance, a vote of the majority of members present at any meeting of the Board shall prevail. The Board shall elect its own chairman and such other officers as it may deem appropriate.
(3) Members of the Board shall serve terms of four years from the date of their appointment, but may continue to serve until the appointment of their successor. Members who are not employees of the Government of the Virgin Islands shall receive $50 per day or part thereof spent in the business of the Authority. All members shall be entitled to official travel costs and expenses actually and necessarily incurred in the discharge of their official duties.
(4) Members of the Board, while acting within the scope of their authority as directors or officers, shall not be subject to any personal or civil liability resulting from the exercise of any of the Authority's purposes, duties or responsibilities, unless the conduct of the member is determined by a court of competent jurisdiction to constitute willful wrongdoing or gross negligence.
(b) From the date of enactment of the Act creating the Authority until the confirmation and appointment of not less than three of the five appointed members of the Board of Directors, the Authority shall be governed by an Interim Board consisting of three persons: the Commissioner of Finance, the Director of the Office of Management and Budget, and the Director of the Bureau of Internal Revenue. The Interim Board shall have all of the powers and duties of the Board of Directors established by subsection (a) of this section, and shall fully govern the Authority pending confirmation and appointment of not less than three of the five appointed members. It is hereby expressly declared that time is of the essence and that the creation of an Interim Board with full powers is necessary to provide for a fully operational Authority prior to the 1993 hurricane season.