This text of Massachusetts § 4 (Board of directors) is published on Counsel Stack Legal Research, covering Massachusetts primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
[ Text of section effective until April 9, 2025. For text effective April 9, 2025, see below.]Section 4. The board of directors of the Fund shall consist of not less than five nor more than nine persons serving such terms as are established in the plan of operation. The members of the board shall be nominated by members of the Fund subject to the approval of the commissioner; provided, however, that at least one member of the board shall be appointed by the commissioner as a representative of insurance producers. 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. In approving nominations to the board the commissioner shall consider whether all insurers are fairly re
Free access — add to your briefcase to read the full text and ask questions with AI
[ Text of section effective until April 9, 2025. For text effective April 9, 2025, see below.]Section 4. The board of directors of the Fund shall consist of not less than five nor more than nine persons serving such terms as are established in the plan of operation. The members of the board shall be nominated by members of the Fund subject to the approval of the commissioner; provided, however, that at least one member of the board shall be appointed by the commissioner as a representative of insurance producers. 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. In approving nominations to the board the commissioner shall consider whether all insurers are fairly represented. Members of the board may be reimbursed from the assets of the Fund for expenses incurred by them as members of the board of directors.Chapter 175D: Section 4. Board of directors[ Text of section as recodified by 2024, 389, Sec. 3 effective April 9, 2025. For text effective until April 9, 2025, see above.]Section 4. (a) The board of directors of the Fund shall consist of not less than 5 nor more than 9 persons serving terms as established in the plan of operation pursuant to section 7. The insurer members of the board shall be selected by member insurers subject to the approval of the commissioner; provided, however, that 1 member of the board shall be appointed by the commissioner as a representative of insurance producers. Vacancies on the board shall be filled for the remainder of the unexpired term by a majority vote of the remaining members, subject to the approval of the commissioner.(b) In approving selections to the board, the commissioner shall consider whether all member insurers are fairly represented.(c) Members of the board of directors may be reimbursed from the assets of the Fund for reasonable expenses incurred by them as members of the board of directors.(d) Any director who is an insurer in receivership shall be terminated as a director, effective as of the date of the entry of the order of receivership and the resulting vacancy on the board shall be filled for the remainder of the unexpired term pursuant to subsection (a).(e) If a director misses 3 consecutive board meetings, such director shall be deemed unable to satisfactorily perform their duties as a director and the board of directors may declare the office vacant and the vacancy shall be filled for the remainder of the unexpired term pursuant to subsection (a).(f) If the commissioner has reasonable cause to believe that a director failed to disclose a known conflict of interest arising from their duties on the board or take appropriate action based on a known conflict of interest or that a director has been indicted or charged with a felony or a misdemeanor involving moral turpitude, the commissioner may suspend the director pending the outcome of an investigation or hearing by the commissioner or the conclusion of any criminal proceedings. A member insurer with a director elected to the board may replace a suspended director representing the member insurer prior to the completion of an investigation, hearing or criminal proceeding. If the allegations are substantiated at the conclusion of an investigation, hearing or criminal proceeding, the office shall be declared vacant and the vacancy shall be filled for the remainder of the unexpired term pursuant to subsection (a).