2012 New York Consolidated Laws
ISC - Insurance
Article 77 - (7701 - 7718) THE LIFE INSURANCE COMPANY GUARANTY CORPORATION OF NEW YORK ACT
7707 - Board of directors.

 
    §  7707.  Board  of  directors.  (a)  The  board  of  directors of the
  corporation shall consist of not less than five nor more  than  thirteen
  member  insurers  serving terms as established in the plan of operation.
  The members of the board shall be selected by member insurers subject to
  the approval of the superintendent. Vacancies  on  the  board  shall  be
  filled  for  the  remaining period of the term by a majority vote of the
  remaining board members, subject to the approval of the  superintendent.
  To  select  the  initial  board of directors, and initially organize the
  corporation, the superintendent shall give notice to all member insurers
  of the time and place of  the  organizational  meeting.  In  determining
  voting rights at the organizational meeting each member insurer shall be
  entitled to one vote in person or by proxy. If the board of directors is
  not  selected  within  sixty  days  after  notice  of the organizational
  meeting, the superintendent may  appoint  the  initial  members  of  the
  board.
    (b) In approving selections or in appointing members to the board, the
  superintendent  shall  consider,  among other things, whether all member
  insurers are fairly represented.
    (c) Members of the board may be reimbursed  from  the  assets  of  the
  corporation  for  expenses  incurred  by them as members of the board of
  directors but shall not otherwise be compensated by the corporation  for
  their services.
    (d)  The  superintendent  shall be ex-officio chairman of the board of
  directors but shall not be entitled to vote.