Oklahoma § 36-2006 - Board of directors – Membership – Term – Approval –

§ 36-2006. Board of directors – Membership – Term – Approval –

Vacancies – Compensation.

A. The business and functions of the Oklahoma Property and

Casualty Insurance Guaranty Association shall be managed and

administered by a board of twelve (12) directors composed of

domestic, foreign and alien insurers who are member insurers,

including a minimum of two domestic insurers, and two insurance

agents who shall serve as ex officio members. In determining

candidates to fill the member insurer positions, the board shall

consider whether all insurers are fairly represented, including

workers' compensation insurers and other property and casualty

insurers. One of the ex officio members shall be the Executive

Director of the Independent Insurance Agents of Oklahoma, Inc.; the

other ex officio member shall be a licensed, resident property and

casualty insurance agent chosen by the Governor. Each member of the

board of directors shall designate a full-time salaried employee to

represent it on the board of directors. Each member except for the

ex officio members shall serve for a term of two (2) years. The ex

officio member who is appointed by the Governor shall serve at the

pleasure of the Governor. Each appointed member insurer

representative may designate an alternate representative to

represent the insurer at any meeting of the board. Any person

serving as an alternate representative shall, while serving, have

all the powers and responsibilities of the appointed insurer

representative. The members of the board of directors except for

the ex officio members shall be subject to approval by the Insurance

Commissioner. Vacancies on the board except for the ex officio

members 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.

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 shall serve without compensation but

may be reimbursed from the assets of the Association for expenses

incurred by them as members of the board of directors.

Oklahoma Statutes - Title 36. Insurance

Added by Laws 1980, c. 362, § 6, emerg. eff. June 27, 1980. Amended

by Laws 1985, c. 328, § 15, emerg. eff. July 29, 1985; Laws 2010, c.

159, § 5, eff. Nov. 1, 2010; Laws 2014, c. 78, § 1, eff. Nov. 1,

2014; Laws 2021, c. 478, § 14, emerg. eff. May 12, 2021.