2018 West Virginia Code
CHAPTER 33. INSURANCE.
ARTICLE 20F. PHYSICIANS\' MUTUAL INSURANCE COMPANY.
§33-20F-5. Governance and organization.
(a) The Board of Risk and Insurance Management shall implement the initial formation and organization of the company as provided by this article.
(b) The company shall be governed by a board of directors consisting of 11 directors, as follows:
(1) Six directors who are physicians licensed to practice medicine in this state by the Board of Medicine or the Board of Osteopathy, including at least one general practitioner and one specialist: Provided, That only physicians who have purchased medical professional liability coverage from the Board of Risk and Insurance Management are eligible to serve as physician representatives on the company’s first board of directors;
(2) Three directors who have substantial experience as an officer or employee of a company in the insurance industry;
(3) Two directors with general knowledge and experience in business management who are officers and employees of the company and are responsible for the daily management of the company;
(c) In addition to the eleven directors required by subsection (b) of this section, the bylaws of the company may provide for the election of at least two additional directors.
(d) The directors and officers of the company are to be chosen in accordance with the articles of incorporation and bylaws of the company. The initial board of directors selected in accordance with the provisions of subdivision (3), subsection (a) of this section shall serve for the following terms: (1) Three for four-year terms; (2) three for three-year terms; (3) three for two-year terms; and (4) two for one-year terms. Thereafter, the Directors shall serve staggered terms of four years. If an additional director is added to the board as provided in subsection (c) of this section, his or her initial term shall be for four years.
(e) The incorporators are to prepare and file articles of incorporation and bylaws in accordance with the provisions of this article and the provisions of this chapter and chapter thirty-one of this code.
