1. The board of directors of the association shall consist of not less than seven nor more than eleven member insurers 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 director. Each class of member insurer, as defined in section 376.718, shall be represented on the board. Vacancies on the board shall be filled for the remaining period of the term by a majority vote of the remaining board members, subject to the approval of the director. In determining voting rights at the organizational meeting, each member insurer shall be entitled to one vote in person or by proxy.

2. In approving selections or in appointing members to the board, the director 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 but members of the board shall not otherwise be compensated by the association for their services.