A. The board of directors of the Association shall consist of not less than nine nor more than 13 member insurers serving 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 Commission. Vacancies on the board shall be filled for the remainder of the term by a majority vote of the remaining 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 Association for expenses incurred by them as members of the board of directors but members of the board shall not be otherwise compensated by the Association for their services.
1976, c. 330, § 38.1-482.21; 1986, c. 562; 2010, c. 510; 2018, cc. 258, 306, 706.
Structure Code of Virginia
Chapter 17 - Virginia Life, Accident and Sickness Insurance Guaranty Association
§ 38.2-1700. Purpose and applicability of chapter
§ 38.2-1702. Association; creation; memberships; accounts; supervision
§ 38.2-1703. Board of directors of Association
§ 38.2-1704. Powers and duties of Association
§ 38.2-1706. Plan of operation
§ 38.2-1707. Duties and powers of the Commission
§ 38.2-1708. Detection and prevention of insolvencies
§ 38.2-1709. Tax write-offs of certificates of contributions
§ 38.2-1710. Miscellaneous provisions
§ 38.2-1711. Examination of the Association; annual report
§ 38.2-1714. Stay of proceedings; reopening default judgments
§ 38.2-1716. Purpose and applicability of article
§ 38.2-1718. Financing the safety fund, maximum amount, distribution of excess
§ 38.2-1719. Investment of safety fund