Sec. 6. (a) The board of directors of the association shall consist of nine (9) persons serving terms as established in the association’s plan of operation. The directors who represent member insurers must be selected by member insurers, subject to the approval of the commissioner.

     (b) Not more than one (1) member insurer in a group of insurers under the same management or ownership shall serve as a director at the same time.

Terms Used In Indiana Code 27-6-8-6

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • association: means the Indiana Insurance Guaranty Association created by section 5 of this chapter. See Indiana Code 27-6-8-4
  • commissioner: means the commissioner of insurance of this state. See Indiana Code 27-6-8-4
  • member insurer: means any person who is licensed or holds a certificate of authority under IC 27-1-6-18 or IC 27-1-17-1 to transact in Indiana any kind of insurance for which coverage is provided under section 3 of this chapter, including the exchange of reciprocal or inter-insurance contracts. See Indiana Code 27-6-8-4
     (c) Directors shall serve such terms as shall be established in the plan of operation.

     (d) Vacancies on the board shall be filled for the remaining period of the term in the same manner as the initial selection.

     (e) If no directors are selected by March 1, 1972, the commissioner may appoint the initial members of the board of directors.

     (f) In approving selections to the board, the commissioner shall consider among other things whether all member insurers are fairly represented.

     (g) Directors may be reimbursed from the assets of the association for expenses incurred by them as members of the board of directors.

Formerly: Acts 1971, P.L.390, SEC.1. As amended by P.L.252-1985, SEC.222; P.L.233-1999, SEC.6 and P.L.268-1999, SEC.16; P.L.52-2013, SEC.4.

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