Indiana Code
Chapter 8. Indiana Life and Health Insurance Guaranty Association Law
27-8-8-4. Board of Directors

Sec. 4. (a) The board of directors of the association shall consist of not less than seven (7) nor more than eleven (11) member insurers serving terms established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner.
(b) 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.
(c) To select the initial board and initially organize the association, the commissioner shall give notice to all member insurers of the time and place of the organizational meeting. At the organizational meeting, each member insurer is entitled to one (1) vote in person or by proxy. If the board is not selected within sixty (60) days after notice of the organizational meeting, the commissioner may appoint the initial members of the board.
(d) In approving selections to the board, the commissioner shall consider whether all member insurers are fairly represented.
(e) Members of the board may be reimbursed from the assets of the association for expenses incurred by the members as members of the board. The association shall not otherwise compensate members of the board for the members' services on the board.
As added by Acts 1978, P.L.129, SEC.3. Amended by P.L.193-2006, SEC.13; P.L.208-2018, SEC.16.

Structure Indiana Code

Indiana Code

Title 27. Insurance

Article 8. Life, Accident, and Health

Chapter 8. Indiana Life and Health Insurance Guaranty Association Law

27-8-8-0.3. Coverage Obligations Affected by Statutory Amendments; Governing Law

27-8-8-1. Repealed

27-8-8-1.5. Repealed

27-8-8-2. Definitions

27-8-8-2.1. Policy, Contract, Rider Descriptions; Plan Sponsor; Residency

27-8-8-2.3. Coverage Provided; Exclusions; Limitations

27-8-8-3. Creation of Association; Membership; Accounts; Supervision

27-8-8-4. Board of Directors

27-8-8-5. Impaired Insurers; Insolvent Insurers; Liens; Association Powers and Duties

27-8-8-5.2. Association Election to Succeed to Rights and Duties of Impaired or Insolvent Insurer; Reinsurance

27-8-8-5.4. Association Obligations to Person Entitled to Coverage

27-8-8-5.5. Venue; Appeal Bond

27-8-8-6. Assessments

27-8-8-6.2. Member Protesting Assessment

27-8-8-6.5. Association Requests for Information

27-8-8-7. Association Plan of Operation

27-8-8-8. Powers and Duties of Commissioner; Appeals to Commissioner; Notice of Effect of Chapter

27-8-8-9. Detection and Prevention of Insurer Insolvencies or Impairments; Actions of Board of Directors

27-8-8-10. Records of Board Meetings; Disclosure of Records; Association Status as Creditor; Application of Impaired or Insolvent Insurer's Assets

27-8-8-11. Distributions to Affiliates; Recovery

27-8-8-12. Examination and Regulation of Association; Financial Report

27-8-8-13. Association Tax and Fee Exemption

27-8-8-14. Liability for Performance Under Chapter

27-8-8-15. Insolvent Insurer Proceedings; Stay; Setting Aside Judgment

27-8-8-16. Recoupment of Assessments

27-8-8-16.2. Premium Surcharge or Assignment in Lieu of Credit

27-8-8-17. Refunds From Association

27-8-8-18. Advertising Referring to Association; Association Summary Document