2006 Louisiana Laws - RS 22:1430.3 — Board of directors of corporation
§1430.3. Board of directors of corporation
A. The governing body of the corporation shall be a board of directors which shall consist of the following members, who shall be representative of the state's population as near as practicable:
(1) The commissioner of the Department of Insurance, or an employee of the Department of Insurance as his designee.
(2) The state treasurer, or an employee of the Department of the Treasury as his designee.
(3) The chairman of the House Committee on Insurance, or a member of that committee designated by the chairman.
(4) The chairman of the Senate Committee on Insurance, or a member of that committee designated by the chairman.
(5) Five representatives appointed by the governor, one from a list of two nominees from the domestic insurer with the largest direct written premium in the state of the subject lines of business; one from a list of two nominees from an insurer with at least one percent of the aggregate statewide direct written premium of the subject lines of business; and the remaining three representatives shall be appointed at large.
(6) One member appointed by the commissioner from a list of three nominees from the Professional Insurance Agents of Louisiana, or its successor.
(7) One member appointed by the commissioner from a list of three nominees from the Independent Insurance Agents of Louisiana, or its successor.
(8) One member appointed by the governor from a list of three nominees from the National Association of Independent Insurers, or its successor.
(9) One member appointed by the governor from a list of three nominees from the American Insurance Association, or its successor.
(10) One member appointed by the governor from a list of three nominees from the Alliance of American Insurers, or its successor.
(11) One member appointed by the governor from a list of two nominees from the insurer with the largest direct written premium in the state of the subject lines of business.
B. The quorum necessary for transaction of business is hereby established as seven members of the board in attendance.
C. The members of the board shall elect the chairman, who shall be confirmed by the Senate if the chairman is a designee of an elected official.
D. The members of the board shall receive no salary, but each member shall be reimbursed for necessary travel and other expenses actually incurred while in attendance at the meetings of the board or on business for the board.
E. The members of the board shall be confirmed by the Senate. No elected official who serves on the board will be confirmed by the Senate. Should any elected official designate a member who is not an elected official, that designee shall be confirmed by the Senate.
Acts 2003, No. 1133, §1; Acts 2006, 1st Ex. Sess., No. 13, §1, eff. Feb. 23, 2006.
Disclaimer: These codes may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
