§ 7707 — Board of directors

New York § 7707

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 77: The Life and Health Insurance Company Guaranty Corporation of New York Act

Text

§ 7707. Board of directors. (a) The board of directors of the\ncorporation shall consist of not less than five nor more than thirteen\nmember insurers serving terms as established in the plan of operation.\nThe members of the board shall be selected by member insurers subject to\nthe approval of the superintendent. Vacancies on the board shall be\nfilled for the remaining period of the term by a majority vote of the\nremaining board members, subject to the approval of the superintendent.\nTo select the initial board of directors, and initially organize the\ncorporation, the superintendent shall give notice to all member insurers\nof the time and place of the organizational meeting. In determining\nvoting rights at the organizational meeting each member insurer shall be\nentitled to one vote in person or by proxy. If the board of directors is\nnot selected within sixty days after notice of the organizational\nmeeting, the superintendent may appoint the initial members of the\nboard.\n (b) In approving selections or in appointing members to the board, the\nsuperintendent shall consider, among other things, whether all member\ninsurers are fairly represented.\n (c) Members of the board may be reimbursed from the assets of the\ncorporation for expenses incurred by them as members of the board of\ndirectors but shall not otherwise be compensated by the corporation for\ntheir services.\n (d) The superintendent shall be ex-officio chair of the board of\ndirectors but shall not be entitled to vote.\n