2019 New York Laws
ISC - Insurance
Article 77 - 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.