§ 60C.08 — Board of Directors
Plain-Language Summary
This section sets up the board of directors for the guaranty association. The board has nine members: seven chosen by the insurance industry and two public members picked by the commissioner. Each member serves a two-year term. Board members can be paid back for reasonable expenses.
60C.08 BOARD OF DIRECTORS.
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Subdivision 1.Composition.
The board of directors of the association shall consist of nine persons. Two of the directors shall be public members and seven shall be insurer members. The public members shall be appointed by the commissioner. Public members may include licensed insurance agents. The insurer members of the board shall be selected by association members subject to the approval of the commissioner. Vacancies on the board shall be filled for the remaining period of the term in the same manner as initial appointments. The term of appointment for all members is two years. §
Subd. 2.Commissioner’s duty.
In approving selections to the board, the commissioner shall consider among other things whether member insurers are fairly represented. §
Subd. 3.Member reimbursement.
Members of the board may be reimbursed from the assets of the association for reasonable and necessary sums expended by them as members of the board of directors.
History:
1971 c 145 s 8; 1Sp1985 c 10 s 55; 1987 c 337 s 31
History: History: 1971 c 145 s 8; 1Sp1985 c 10 s 55; 1987 c 337 s 31