2019 South Dakota Codified Laws
Title 58 - Insurance
Chapter 29C - Life And Health Insurance Guaranty Association
§ 58-29C-50 Board of directors--Appointment and term--Vacancies--Compensation.
58-29C-50. Board of directors--Appointment and term--Vacancies--Compensation. A. The board of directors of the association shall consist of not less than five nor more than nine member insurers serving terms as established in the plan of operation. The insurer members of the board shall be elected by member insurers subject to the approval of the director. 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 director.
B. In approving selections or in appointing members to the board, the director 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 association for expenses incurred by them as members of the board of directors but members of the board may not otherwise be compensated by the association for their services.
Source: SL 2003, ch 252, ยง 7.
