2005 Arizona Revised Statutes - Revised Statutes §20-663  Guaranty fund board; composition; compensation

A. There is established within the department of insurance a guaranty fund board consisting of eleven members appointed by the governor. Membership on the board shall be for a term of three years. Of the members first appointed, four shall serve for terms of one year, four shall serve for terms of two years and three shall serve for terms of three years.

B. The members of the board shall be appointed from a list of persons submitted to the governor by the director of insurance. The board shall be selected as follows:

1. Two members from insurers representing the American insurance association.

2. Two members from insurers representing the American mutual insurance alliance.

3. Two members from insurers representing the national association of independent insurers.

4. Three members from member insurers not affiliated with the groups listed in paragraph 1, 2 or 3.

5. One member shall be a casualty insurance producer residing in this state.

6. One member representing the general public.

C. The board shall conduct periodic meetings in Phoenix. Meetings shall be held upon call of the director or upon written request of any two members of the board.

D. Subject to the powers of the director the board shall administer, operate and manage the fund pursuant to this article. The board shall advise and counsel with the director upon matters relating to the solvency of insurers.

E. Members of the board shall receive no compensation and shall not be entitled to travel expenses as authorized by title 38, chapter 4, article 2, but shall be entitled to be reimbursed for expenses incurred by them as members of the board from the assets of the fund.