Virginia Code 38.2-1703: Board of directors of Association
A. The board of directors of the Association shall consist of not less than nine nor more than 13 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 Commission. Vacancies on the board shall be filled for the remainder of the term by a majority vote of the remaining board members, subject to the approval of the Commission.
Terms Used In Virginia Code 38.2-1703
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means the Virginia Life, Accident and Sickness Insurance Guaranty Association created under § 38. See Virginia Code 38.2-1701
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
B. In approving selections the Commission 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 otherwise compensated by the Association for their services.
1976, c. 330, § 38.1-482.21; 1986, c. 562; 2010, c. 510; 2018, cc. 258, 306, 706.