56-12-106 - Board of directors Selection Qualifications Expenses. - Tennessee Statutes

56-12-106. Board of directors Selection Qualifications Expenses.

(a)  The board of directors of the association shall consist of five (5) persons serving terms as established in the plan of operation. The members of the board shall be selected by the commissioner. Each board member so selected shall be a resident of this state and shall represent a company licensed to do business in this state. The last two (2) members of the board shall be an officer or employee of domestic insurance companies. Vacancies on the board shall be filled for the remaining period of the term in the same manner as initial appointments.

(b)  In making 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.

[Acts 1971, ch. 180, § 6; T.C.A., § 56-4006.]