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Rhode Island General Laws Title 27. Insurance § 27-34.3-7. Board of directors

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The board of directors of the association shall consist of:

(1) Not less than five (5) nor more than nine (9) member insurers serving terms as established in the plan of operation; and

(2) The commissioner or the commissioner's designee. Only member insurers shall be eligible to vote. The members of the board shall be selected by member insurers subject to the approval of the commissioner. The board of directors, previously established under § 27-34.1-8 [Repealed], shall continue to operate in accordance with the provision of this section. 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 approving selections 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 be compensated by the association for their services.

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Cite this article: FindLaw.com - Rhode Island General Laws Title 27. Insurance § 27-34.3-7. Board of directors - last updated January 01, 2024 | https://codes.findlaw.com/ri/title-27-insurance/ri-gen-laws-sect-27-34-3-7/

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