§ 508C.7 — Board of directors

Iowa § 508C.7

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 508C: IOWA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION

Text

1. The board of directors of the association shall consist of not less than seven nor more
than eleven member insurers 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
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.
Toselecttheinitialboardofdirectors,andinitiallyorganizetheassociation,thecommissioner
shall give notice to all member insurers of the time and place of the organizational meeting.
In determining voting rights at the organizational meeting, each member insurer shall be
entitled to one vote in person or by proxy. If the board of directors 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
consider, among other factors, whether all member insurers, including member insurers
that primarily write life insurance, annuity contracts, or health benefit plans, are fairly
represented.
3. At the option of the association, members of the board may be reimbursed from the
assets of the association for expenses incurred by them as members of the board of directors.
However, members of the board shall not otherwise be compensated by the association for
their services.