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.

Terms Used In Iowa Code 515B.4

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Association: means the Iowa insurance guaranty association created pursuant to section 515B. See Iowa Code 515B.2
  • Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
  • Commissioner: means the commissioner of insurance of this state. See Iowa Code 515B.2
 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.
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