Oklahoma § 36-2026 - Board of directors - Membership - Term - Vacancies Approval - Compensation

§ 36-2026. Board of directors - Membership - Term - Vacancies Approval - Compensation

A. The Board of Directors of the Oklahoma Life and Health

Insurance Guaranty Association shall consist of not less than seven

(7) nor more than eleven (11) member insurers serving terms as

established in the procedural rules of the Association. A majority

of the Board shall be selected from the fifty (50) member insurers

which write the largest volume of life and accident and health

premiums and annuity considerations for the previous year. The

members of the Board shall be selected by member insurers subject to

the approval of the Insurance Commissioner. 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 approval of the

Commissioner.

B. In calculating total premium for Board qualification

purposes, premiums collected by different members of the same multiinsurer group may be attributable to each member of the group;

Oklahoma Statutes - Title 36. Insurance

provided, no two members of the same group shall serve on the Board

at the same time.

C. In approving selections, the Commissioner shall consider,

among other things, whether all member insurers are fairly

represented.

D. Members of the Board may be reimbursed by the Association

for expenses incurred by them as members of the Board, but members

of the Board shall not otherwise be compensated by the Association

for their services.

Added by Laws 1981, c. 133, § 6. Amended by Laws 1998, c. 237, § 1,

eff. July 1, 1998; Laws 2019, c. 384, § 5, eff. Nov. 1, 2019.