515B.4 Board of directors.
134 words·~1 min read·
/ia/chapter-515b-insurance-guaranty-association/515b-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. The board of directors of the association shall consist of not less than five nor more than nine persons 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 commissioner. Vacancies on the board shall be filled for the remaining period of the term by majority vote of the remaining directors, subject to the approval of the commissioner.
2. In approving selections to the board the commissioner shall consider among other things whether all member insurers are fairly 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.
[C71, 73, 75, 77, 79, 81, §515B.4]
Referred to in §515B.3, 515B.6