§ 27-6-8-6 — Board of directors

Indiana § 27-6-8-6

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 6: REINSURANCE; INTERINSURANCE
• Ch. 8: Property and Casualty Insurance and Guaranty

Text

(a) The board of directors of the association
shall consist of nine (9) persons serving terms as established in the
association's plan of operation. The directors who represent member
insurers must be selected by member insurers, subject to the approval
of the commissioner.
(b) Not more than one (1) member insurer in a group of insurers
under the same management or ownership shall serve as a director at
the same time.
(c) Directors shall serve such terms as shall be established in the
plan of operation.
(d) Vacancies on the board shall be filled for the remaining period
of the term in the same manner as the initial selection.
(e) If no directors are selected by March 1, 1972, the commissioner
may appoint the initial members of the board of directors.
(f) In approving selections to the board, the commissioner shall
consider among other things whether all member insurers are fairly
represented.
(g) Directors may be reimbursed from the assets of the association
for expenses incurred by them as members of the board of directors.
Formerly: Acts 1971, P.L.390, SEC.1. As amended by
P.L.252-1985, SEC.222; P.L.233-1999, SEC.6 and P.L.268-1999,
SEC.16; P.L.52-2013, SEC.4.