(1) The board of directors of the association shall consist of not less than five
nor more than nine 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 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. To select the first board and initially organize the association, the commissioner
shall give notice to all member insurers of the time and place of the organizational
meeting. At the organizational meeting each member insurer shall be entitled to one vote
in person or by proxy. If the board is not selected within sixty days after notice of the organizational
meeting, the commissioner may appoint the initial members.
(2) In approving selections or in appointing members to the board, the commissioner
shall consider, among other things, whether all member insurers are fairly represented.
(3) Members of the board may be reimbursed from the assets of 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.
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