The Vermont Statutes Online
Banking and Insurance
INSURANCE COMPANIES GENERALLY
PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION
3614. Board of directors
(a) The board of
directors of the association shall consist of not less than five nor more than
nine persons, at least three of whom shall be persons who are officers,
directors, or employees of insurance companies incorporated under the laws of
this state, unless there are fewer than three such companies, in which case
there shall be one director for each such company. The directors shall serve
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 commissioner.
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
(b) In approving
selections to the board, the commissioner 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. (1969, No. 279 (Adj.
Sess.), § 6; amended 1979, No. 18, § 9; 2007, No. 178 (Adj. Sess.), § 12.)