Vermont § 4177 - Board of Directors

§ 4177. Board of Directors

• (a) The Board of Directors of the Association shall consist of not less than seven nor
  more than 11 member insurers serving terms as established in the plan of operation.
  Members of the Board shall be selected by member insurers subject to the approval
  of the Commissioner. A vacancy on the Board shall be filled for the remaining period
  of the term by a majority vote of the remaining board members, for member insurers
  subject to the approval of the Commissioner. To select the initial Board of Directors,
  and initially organize the Association, the Commissioner shall give notice to all
  member insurers of the time and place of the organizational meeting. In determining
  voting rights at the organizational meeting, each member insurer shall be entitled
  to one vote in person or by proxy. If the Board of Directors is not selected within
  60 days after notice of the organizational meeting, the Commissioner may appoint the
  initial insurer members. At least one of the directors shall be a person who is an
  officer, director, or employee of an insurance company incorporated under the laws
  of this State; provided, however, this provision shall not apply in the event there
  is no member insurer incorporated under the laws of this State. (b) In approving selections or in appointing members to the Board, the Commissioner 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 otherwise be compensated by the Association for their services. (Added 2023, No. 32, § 9, eff. July 1, 2023.)