§ 10-20-107 — Board of directors

(1) The board of directors of the association
consists of no fewer than seven nor more than eleven member insurers serving
terms as established in the plan of operation. Member insurers shall select
members of the board, subject to the approval of the commissioner. If a vacancy
occurs, the remaining board members shall fill the vacancy for the remaining period
of the term by a majority vote, subject to the approval of the commissioner. To
select the first board and initially organize the association, the commissioner shall
give notice to all member insurers of the time and place of the organizational
meeting. At the organizational meeting, each member insurer is entitled to one vote
in person or by proxy. If the board is not selected within sixty days after notice of
the organizational meeting, the commissioner may appoint the initial members.

(2) In approving selections or in appointing members to the board, the
commissioner shall ensure that all member insurers are fairly represented between
member insurers that write primarily life insurance or annuity contracts and
member insurers that write primarily health benefit plans. The commissioner shall
also consider whether member insurers with experience in providing large group
health benefit plans to employers whose employees are subject to a collective
bargaining agreement are represented on the board.

(3) Members of the board may be reimbursed from the assets of 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.

Legislative History

Source: L. 91: Entire article added, p. 1262, � 1, effective July 1. L. 2023: (1) and (2) amended, (HB 23-1303), ch. 195, p. 984, � 7, effective May 15.