§ 3614 - Board of directors - Vermont Statutes

§ 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.)