38.2-2903 - Directors. - Virginia Statutes

§ 38.2-2903. Directors.

A. The Association shall be governed by a board of eleven directors,including one who shall be elected chairman. Two directors shall be appointedby each of the following three insurance industry trade associations: (i) theAmerican Insurance Association; (ii) the Alliance of American Insurers; and(iii) the National Association of Independent Insurers. One director shall beappointed by each of the following two insurance agents' trade associations:(i) the Independent Insurance Agents of Virginia and (ii) the ProfessionalInsurance Agents Association of Virginia and the District of Columbia. TheCommission shall appoint three directors not affiliated with theaforementioned trade associations. If, for any reason, any of the tradeassociations fail to appoint a director or directors within a reasonableperiod of time, the Commission shall have the power to make the appointment.

B. All board members, including the chairman, shall be appointed to serve fortwo-year terms beginning on a date designated by the plan.

C. Six directors shall constitute a quorum for the transaction of anybusiness or exercise of any power of the Association. The directors of theAssociation shall act by vote of a majority of those present. The directorsshall serve without salary, but each director shall be reimbursed for actualand necessary expenses incurred in the performance of his or her officialduties as a director of the Association.

(1988, cc. 769, 783.)