A. The board of directors of the association shall consist of not less than five (5) nor more than nine (9) persons 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 superintendent. 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 superintendent.
B. In approving selections to the board, the superintendent shall consider among other things whether all member insurers are fairly represented.
C. Members of the board of directors may be reimbursed from the assets of the association for expenses incurred by them as members of the board of directors.
History: Laws 1984, ch. 127, ยง 772.
Structure New Mexico Statutes
Article 43 - Property and Casualty Insurance Guaranty Fund
Section 59A-43-1 - Short title.
Section 59A-43-4 - Definitions.
Section 59A-43-5 - Organization of association.
Section 59A-43-6 - Board of directors.
Section 59A-43-7 - Powers and duties of the association.
Section 59A-43-8 - Plan of operation.
Section 59A-43-9 - Duties and powers of superintendent.
Section 59A-43-10 - Effect of paid claims.
Section 59A-43-11 - Nonduplication of recovery.
Section 59A-43-12 - Prevention of insolvencies.
Section 59A-43-13 - Examination of association; financial reports.
Section 59A-43-15 - Recognition of assessment in rates.
Section 59A-43-17 - Stay of proceedings; reopening of default judgments.