(a)  The board of directors of the association shall consist of:

(1)  Not less than five (5) nor more than nine (9) member insurers serving terms as established in the plan of operation; and

(2)  The commissioner or the commissioner’s designee. Only member insurers shall be eligible to vote. The members of the board shall be selected by member insurers subject to the approval of the commissioner. The board of directors, previously established under § 27-34.1-8 [Repealed], shall continue to operate in accordance with the provision of this section. 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 commissioner.

Terms Used In Rhode Island General Laws 27-34.3-7

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Association: means the Rhode Island life and health insurance guaranty association created under §?27-34. See Rhode Island General Laws 27-34.3-5
  • Commissioner: means the commissioner of insurance within the department of business regulation of this state. See Rhode Island General Laws 27-34.3-5

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

(c)  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 be compensated by the association for their services.

History of Section.
P.L. 1995, ch. 114, § 1; P.L. 2004, ch. 39, § 1; P.L. 2004, ch. 44, § 1; P.L. 2008, ch. 475, § 92; P.L. 2012, ch. 296, § 3; P.L. 2012, ch. 326, § 3.