(a) The board of directors of the association shall consist of five (5) persons serving terms as established in the plan of operation. The members of the board shall be selected by the commissioner. Each board member so selected shall be a resident of this state and shall represent a company licensed to do business in this state. The last two (2) members of the board shall be an officer or employee of domestic insurance companies. Vacancies on the board shall be filled for the remaining period of the term in the same manner as initial appointments.

Terms Used In Tennessee Code 56-12-106

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Association: means the Tennessee insurance guaranty association created under §. See Tennessee Code 56-12-104
  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-12-104
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) In making 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.
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