§ 26-42-105 — Board of directors

Wyoming § 26-42-105

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 42: WYOMING LIFE AND HEALTH INSURANCE

Text

(a) The board of directors of the association consists of
not less than five (5) nor more than nine (9) member insurers
serving terms as established in the plan of operation provided
by W.S. 26-42-108. Membership on the board shall be subject to
the following:
(i) The members of the board shall be selected by
member insurers subject to the approval of the commissioner;
(ii) A majority of the members shall be domestic
insurers. If there are not enough domestic insurers for a
majority, then all domestic insurers shall be on the board. The
domestic insurers shall hold the positions of chairman and at
least one (1) other officer position on the board if possible;
(iii) Each member insurer selected shall identify the
individual representing the member insurer on the board and
shall provide the individual's name, address, biographical
information and position in an affidavit to the commissioner for
review and approval;
(iv) 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.
(b) In approving selections or in appointing members to
the board, the commissioner shall consider, among other factors,
whether all member insurers are fairly represented.
(c) Members of the board shall be reimbursed from the
assets of the association for expenses incurred by them as
members of the board of directors. Members of the board shall
not otherwise be compensated by the association for their
services.