376.722. Board of directors, established, members, how selected--expense reimbursement. - Missouri Statutes

Board of directors, established, members, how selected--expensereimbursement.

376.722. 1. The board of directors of the association shall consist ofnot less than five nor more than nine member insurers serving terms asestablished in the plan of operation. The members of the board shall beselected by member insurers subject to the approval of the director. Eachclass of member insurer, as defined in section 376.718, shall be representedon the board. Vacancies on the board shall be filled for the remaining periodof the term by a majority vote of the remaining board members, subject to theapproval of the director. To select the initial board of directors, andinitially organize the association, the director shall give notice to allmember insurers of the time and place of the organizational meeting. Indetermining voting rights at the organizational meeting each member insurershall be entitled to one vote in person or by proxy. If the board ofdirectors is not selected within sixty days after notice of the organizationalmeeting, the director may appoint the initial members.

2. In approving selections or in appointing members to the board, thedirector shall consider, among other things, whether all member insurers arefairly represented.

3. Members of the board may be reimbursed from the assets of theassociation for expenses incurred by them as members of the board of directorsbut members of the board shall not otherwise be compensated by the associationfor their services.

(L. 1988 S.B. 430 § 6)