Sec. 462.055. TERM; VACANCY. (a) A board member serves a term established by the plan of operation.
(b) The remaining board members, by majority vote, shall fill a vacancy on the board for the unexpired term of a director who serves as an insurance industry board member, subject to the commissioner's approval. The commissioner shall appoint a director to fill a vacancy on the board for the unexpired term of a director who serves as a public representative.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 343 (S.B. 1063), Sec. 2, eff. September 1, 2019.
Structure Texas Statutes
Title 4 - Regulation of Solvency
Subtitle D - Guaranty Associations
Chapter 462 - Texas Property and Casualty Insurance Guaranty Association
Subchapter B. Governance of Association
Section 462.051. Association as Legal Entity; Membership
Section 462.052. Board of Directors
Section 462.053. Eligibility to Serve as Public Representative
Section 462.054. Eligibility to Serve as Industry Representative
Section 462.055. Term; Vacancy
Section 462.056. Reimbursement of Board Members
Section 462.057. Financial Statement of Board Member