33-10-204. Board of directors -- commissioner approval -- compensation. (1) The board of directors of the association consists of seven members serving terms as established in the plan of operation. Two of the members must be appointed from the public at large by the commissioner. The other members of the board must be selected by member insurers subject to the approval of the commissioner. Vacancies on the board must be filled for the remaining period of the term in the manner described in the plan of operation. In approving selections or in appointing members to the board, the commissioner shall consider, among other things, whether all member insurers are fairly represented.
(2) 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 may not otherwise be compensated by the association for their services. However, any designated representatives of members of the board who are not full-time employees of the member insurers that designated them may receive reasonable compensation for their services on the board of directors upon annual approval by the members of the association.
History: En. 40-5807 by Sec. 7, Ch. 245, L. 1974; R.C.M. 1947, 40-5807(part); amd. Sec. 3, Ch. 576, L. 1987; amd. Sec. 2, Ch. 65, L. 1995.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 10. Insurance Guaranty Associations
Part 2. Life and Health Insurance Guaranty Associations
33-10-201. Short title, purpose, and construction
33-10-203. Creation of association -- accounts -- supervision by commissioner
33-10-204. Board of directors -- commissioner approval -- compensation
33-10-205. Powers and duties of association
33-10-206. Records of meetings and negotiations
33-10-209. Examination of the association -- annual report
33-10-210. Unfair trade practice -- notice to policyowners
33-10-211. through 33-10-214 reserved
33-10-215. Duties and powers of commissioner
33-10-216. Plan of operation -- delegation of powers provision
33-10-217. Prevention of insolvencies or impairments
33-10-218. Examination by commissioner -- cost
33-10-221. Nomination of liquidator by association -- notification given by liquidator
33-10-222. Stay of proceedings -- reopening default judgments
33-10-223. Assignment by beneficiaries -- subrogation
33-10-224. Coverage, limitations, and extent of liability
33-10-225. Association as creditor -- use of assets
33-10-226. Distribution of ownership rights -- distribution to shareholders
33-10-227. Assessments -- abatement -- basis for ratesetting
33-10-230. Tax -- writeoffs of certificates of contribution
33-10-231. through 33-10-234 reserved