44-2405 Association; board of directors; members; number; selection; qualifications; expenses. - Nebraska Statutes

44-2405. Association; board of directors; members; number; selection; qualifications; expenses.(1) The board of directors of the association shall consist of seven persons serving 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 director. At least four members of the board shall represent domestic insurers. Vacancies on the board shall be filled for the remaining period of the term in the same manner as initial appointments. If no members are selected within sixty days after May 26, 1971, the director may appoint the initial members of the board of directors.(2) Subject to the limitations in subsection (1) of this section, the director shall, in approving selections to the board, consider among other things whether all member insurers are fairly represented.(3) 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 as provided in sections 81-1174 to 81-1177 for state employees. SourceLaws 1971, LB 722, § 5; Laws 1981, LB 204, § 71.