| (1) |
Terms Used In Utah Code 31A-28-206- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301
- Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
| (a) |
The board of directors of the association consists of not less than five nor more than nine members, serving terms of four years each. |
| (b) |
The members of the board shall be selected by member insurers, subject to the commissioner’s approval. When a vacancy occurs in the membership for any reason, the replacement shall be elected for the unexpired term by a majority vote of the remaining board members, subject to the commissioner’s approval. |
| (c) |
In approving selections or in appointing members to the board, the commissioner shall consider whether all member insurers are fairly represented. |
| (d) |
Notwithstanding Subsection (1)(a), the commissioner shall, at the time of election or reelection, adjust the length of terms to ensure that the terms of board members are staggered so that approximately half of the board is selected every two years. |
|
| (2) |
A member of the board of directors may be reimbursed from the assets of the association for expenses the member incurs as a member of the board of directors. |
Amended by Chapter 363, 2001 General Session
