§3614. Board of directors

Link to law: http://legislature.vermont.gov/statutes/section/08/101/03614
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

101

:
INSURANCE COMPANIES GENERALLY






Subchapter

009
:
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

commissioner.

(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.)
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