287.907. Administrator, hiring of, qualifications, compensation--powers of board, generally. - Missouri Statutes

Administrator, hiring of, qualifications, compensation--powers ofboard, generally.

287.907. 1. By March 1, 1994, the board shall hire anadministrator who shall serve at the pleasure of the board andthe company shall be fully prepared to be operational by March 1,1995, and assume its responsibilities pursuant to sections287.900 to 287.920. The administrator shall receive compensationas established by the board and must have proven successfulexperience as an executive at the general management level in theinsurance business.

2. The board is vested with full power, authority andjurisdiction over the company. The board may perform all actsnecessary or convenient in the administration of the company orin connection with the insurance business to be carried on by thecompany. In this regard, the board is empowered to function inall aspects as a governing body of a private insurance carrier.

(L. 1993 S.B. 251 § 4)