304.42-070 Board of directors.
(1) The board of directors of the association shall consist of not less than five (5) nor
more than nine (9) member insurers serving terms as established in the plan of <br>operation. The members of the board shall be selected by member insurers subject <br>to the approval of the commissioner. Vacancies on the board shall be filled for the <br>remaining period of the term by a majority vote of the remaining board members, <br>subject to the approval of the commissioner. To select the initial board of directors, <br>and initially organize the association, the commissioner shall give notice to all <br>member insurers of the time and place of the organizational meeting. In determining <br>voting rights at the organizational meeting each member insurer shall be entitled to <br>one (1) vote in person or by proxy. If the board of directors is not selected within <br>sixty (60) days after notice of the organizational meeting, the commissioner may <br>appoint the initial members.
(2) In approving selections or in appointing members to the board, the commissioner
shall consider, among other things, whether all member insurers are fairly <br>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 but members of the <br>board shall not otherwise be compensated by the association for their services.
Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 1561, effective July 15, 2010. -- Created
1978 Ky. Acts ch. 282, sec. 7, effective June 17, 1978.
Disclaimer: These codes may not be the most recent version. Kentucky 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.
