§ 26.1-38.1-04 — Board of directors

North Dakota § 26.1-38.1-04

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-38.1: Life and Health Insurance Guaranty Association

Text

1. The board of directors of the association shall consist of not less than five nor more
than nine member insurers serving terms as established in the plan of operation. The
insurer members of the board must be selected by member insurers, subject to the
approval of the commissioner. Vacancies on the board must be filled for the remaining
period of the term by a majority vote of the remaining board members, for member
insurers, subject to the approval of the commissioner. To select the initial board of
directors, and initially organize the association, the commissioner shall give notice to
all member insurers of the time and place of the organizational meeting. In determining
voting rights of the organizational meeting, each member insurer is 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 things, whether all member insurers are fairly represented.
3. 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 but members of the
board may not otherwise be compensated by the association for their services.