38.2-1703 - Board of directors of Association. - Virginia Statutes

§ 38.2-1703. Board of directors of Association.

A. The board of directors of the Association shall consist of not less thanfive nor more than nine member insurers serving terms as established in theplan of operation. The members of the board shall be selected by memberinsurers subject to the approval of the Commission. Vacancies on the boardshall be filled for the remainder of the term by a majority vote of theremaining board members, subject to the approval of the Commission.

B. In approving selections the Commission 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 Associationfor expenses incurred by them as members of the board of directors butmembers of the board shall not be otherwise compensated by the Associationfor their services.

(1976, c. 330, § 38.1-482.21; 1986, c. 562; 2010, c. 510.)