A.  The governing body of the corporation shall be a board of directors which shall consist of the following members, who shall be representative of the state’s population as near as practicable:

(1)  The commissioner of the Department of Insurance, or an employee of the Department of Insurance as his designee.

(2)  The state treasurer, or an employee of the Department of the Treasury as his designee.

(3)  The chairman of the House Committee on Insurance, or a member of that committee designated by the chairman.

(4)  The chairman of the Senate Committee on Insurance, or a member of that committee designated by the chairman.

(5)  Six representatives appointed by the governor: one from a list of two nominees from the Louisiana Bankers Association; one from a list of two nominees from the Louisiana Home Builders Association; one from a list of two nominees from the Society of Louisiana Certified Public Accountants; one from a list of two nominees from the Louisiana District Attorneys Association; and the remaining two representatives shall be appointed at large.

(6)  One member appointed by the commissioner from a list of three nominees from the Professional Insurance Agents of Louisiana, or its successor.

(7)  One member appointed by the commissioner from a list of three nominees from the Independent Insurance Agents of Louisiana, or its successor.

(8)  One member appointed by the governor from a list of three nominees from the Property Casualty Insurers Association of America, or its successor.

(9)  One member appointed by the governor from a list of three nominees from the American Insurance Association, or its successor.

(10)  One member appointed by the governor from a list of three nominees from the largest domestic property insurer in the state.

(11)  One member appointed by the commissioner from a list of three nominees from the Louisiana Chapter of the  National Association of Insurance and Financial Advisors, or its successor.

B.  The quorum necessary for transaction of business is hereby established as eight members of the board in attendance.

C.  The members of the board shall elect the chairman, who shall be confirmed by the Senate if the chairman is a designee of an elected official.

D.  The members of the board shall receive no salary, but each member shall be reimbursed for necessary travel and other expenses actually incurred while in attendance at the meetings of the board or on business for the board.

E.  The members of the board shall be confirmed by the Senate. No elected official who serves on the board will be confirmed by the Senate.  Should any elected official designate a member who is not an elected official, that designee shall be confirmed by the Senate.

F.  Any member of the board who misses three consecutive meetings shall be removed from the board.

G.  Effective January 1, 2008, members appointed to the board by the governor and the commissioner of insurance shall serve the following staggered terms:

(1)  The member appointed from the Louisiana Bankers Association shall serve for a term of four years.

(2)  The member appointed from the Louisiana Home Builders Association shall serve for a term of two years.

(3)  The member appointed from the Society of Louisiana Certified Public Accountants shall serve for a term of four years.

(4)  The two members appointed at large shall each serve for a term of two years.

(5)  The member appointed from the Property Casualty Insurers Association shall serve for a term of four years.

(6)  The member appointed from the American Insurance Association shall serve for a term of two years.

(7)  The member appointed from the largest domestic property insurer in the state shall serve for a term of four years.

(8)  The member appointed from the Louisiana District Attorneys Association shall serve for a term of four years.

(9)  The member appointed from the Professional Insurance Agents of Louisiana shall serve for a term of two years.

(10)  The member appointed from the Independent Insurance Agents of Louisiana shall serve for a term of four years.

Acts 2003, No. 1133, §1; Acts 2006, 1st Ex. Sess., No. 13, §1, eff. Feb. 23, 2006; Acts 2007, No. 403, §§1 and 2; Redesignated from La. Rev. Stat. 22:1430.3 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2012, No. 271, §1; Acts 2013, No. 278, §1.