North Carolina § 58-62-31 - Board of directors.

§ 58-62-31. Board of directors.

The Board shall consist of not less than seven nor more than 11 member insurers serving terms as established in the Plan. The members of the Board shall be selected by member insurers, subject to the Commissioner's approval. 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 Commissioner's approval. In addition, two persons who must be public representatives shall be appointed by the Commissioner to the Board. A public representative may not be an officer, director, or employee of an insurance company or health maintenance organization or any person engaged in insurance or health maintenance organization business. To select the initial Board, and initially organize the Association, the Board's predecessor shall notify all member insurers of the time and place of the organizational meeting. In determining voting rights at the organizational meeting, each member insurer is entitled to one vote in person or by proxy. If the Board is not selected within 60 days after notice of the organizational meeting, the Commissioner may appoint the initial members. In approving selections or in appointing members to the Board, the Commissioner shall ensure that all member insurers are fairly represented between member insurers that write primarily life insurance and annuity contracts and member insurers that write primarily health benefit plans. Members of the Board may be reimbursed from the assets of the Association for expenses they incur as members of the Board, but they shall not otherwise be compensated by the Association for their services. History (1991, c. 681, s. 56; 2018-120, s. 1.1(e).) Editor's Note. - Session Laws 2018-120, s. 1.3, provides: "Sections 1.1 and 1.2 of this act are effective when this act becomes law [June 28, 2018]. The provisions of Sections 1.1 and 1.2 of this act shall not apply to any member insurer that is insolvent or unable to fulfill its contractual obligations on the effective date of this act." Effect of Amendments. - Session Laws 2018-120, s. 1.1(e), in subsection (a), substituted "seven nor more than 11 member" for "five nor more than nine member" in the first sentence and added the fourth and fifth sentences; and, in subsection (b), substituted "ensure that all" for "consider, among other things, whenever all" near the middle and substituted "represented between member insurers that write primarily life insurance and annuity contracts and member insurers that write primarily health benefit plans" for "represented" at the end. For effective date and applicability, see editor's note. § 58-62-35: Repealed by Session Laws 1991, c. 681, s. 57.