US Laws, Codes, Statutes & Cases

     79.37 Board of directors. 

    A board of directors of the reinsurance association is 
 created and is responsible for the operation of the reinsurance 
 association consistent with the plan of operation and sections 
 79.34 to 79.40.  The board consists of 13 directors.  Four 
 directors shall represent insurers, two directors shall 
 represent employers, two shall represent self-insurers; two 
 directors shall represent employees; the commissioner of finance 
 and the executive director of the state Board of Investment or 
 their designees shall serve as directors; and one director shall 
 represent the public.  Insurer members of the reinsurance 
 association shall elect the directors who represent insurers; 
 self-insurer members of the reinsurance association shall elect 
 the directors who represent self-insurers; and the commissioner 
 of labor and industry shall appoint the remaining directors for 
 the terms authorized in the plan of operation.  Each director is 
 entitled to one vote.  Terms of the directors shall be staggered 
 so that the terms of all the directors do not expire at the same 
 time and so that a director does not serve a term of more than 
 four years.  The board shall select a chair and other officers 
 it deems appropriate. 

    A majority of the directors currently holding office 
 constitutes a quorum.  Action may be taken by a majority vote of 
 the directors present. 

    The board shall take reasonable and prudent action 
 regarding the management of the reinsurance association 
 including but not limited to determining the entity who shall 
 manage the daily affairs of the reinsurance association.  The 
 board shall report to the governor of its actions regarding the 
 entity selected to manage the reinsurance association and the 
 reasons for the selection. 

    HIST: Ex1979 c 3 s 20; 1980 c 556 s 10; 1981 c 346 s 139; 1983 
 c 290 s 11; 1984 c 592 s 78; 1985 c 234 s 2; 1986 c 444; 1987 c 
 384 art 2 s 1 

Copyright 2005 by the Office of Revisor of Statutes, State of Minnesota.