(1) The board of directors of the association shall consist of not less than five nor more than nine persons who shall serve terms as established in the plan of operation. Member insurers shall select the members of the board subject to the approval of the director. Any vacancy on the board must be filled for the unexpired portion of the term in the same manner as any initial appointment.
(2) In approving selections to the board, the director shall consider, among other things, whether all member insurers are fairly represented.
(3) 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.
HISTORY: Former 1976 Code Section 38-31-50 [1953 (48) 493; 1962 Code Section 37-303; 1976 Act No. 732 Section 3] recodified as Section 38-65-50 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-19-50 [1962 Code Section 37-824; 1971 (57) 1001] recodified as Section 38-31-50 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 632.
Structure South Carolina Code of Laws
Chapter 31 - South Carolina Property And Casualty Insurance Guaranty Association
Section 38-31-10. Short title.
Section 38-31-20. Definitions.
Section 38-31-30. Application of chapter.
Section 38-31-50. Board of directors.
Section 38-31-60. Powers and duties of Association.
Section 38-31-70. Plan of operation.
Section 38-31-80. Powers and duties of director.
Section 38-31-100. Exhaustion of other coverage and claims.
Section 38-31-110. Detection and prevention of insurer insolvencies.
Section 38-31-120. Examination and regulation of Association; financial reports.
Section 38-31-130. Exemption of Association from fees and taxes.
Section 38-31-150. Immunity from liability for action taken under chapter.