Virginia § 38.2-1703 Board of directors of Association

Virginia Statutes

§ 38.2-1703 — Board of directors of Association

Virginia § 38.2-1703

Title 38.2Insurance

Ch. 17Virginia Life, Accident and Sickness Insurance Guaranty Association

Art. 1ESTABLISHMENT AND OPERATION OF THE ASSOCIATION

This text of Virginia § 38.2-1703 (Board of directors of Association) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 38.2-1703 (2026).

Text

A.The board of directors of the Association shall consist of not less than nine nor more than 13 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 Commission. Vacancies on the board shall be filled for the remainder of the term by a majority vote of the remaining board members, subject to the approval of the Commission.

B.In approving selections the Commission shall consider, among other things, whether all member insurers are fairly represented.

C.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 shall not be otherwise compensated by the Association for thei

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A. The board of directors of the Association shall consist of not less than nine nor more than 13 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 Commission. Vacancies on the board shall be filled for the remainder of the term by a majority vote of the remaining board members, subject to the approval of the Commission.

B. In approving selections the Commission shall consider, among other things, whether all member insurers are fairly represented.

C. 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 shall not be otherwise compensated by the Association for their services.