NO. 17. AN ACT RELATING TO THE VERMONT LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION.
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 8 V.S.A. § 4157 is amended to read:
§ 4157. BOARD OF DIRECTORS
(a) The board of directors of the association shall consist of not less than five nor more than nine persons 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 in the same manner as initial appointments. *[
If no members are selected within 60 days after April 27, 1972, the commissioner may appoint the initial members of the board of directors. Not less than one-half]* At least one of the directors shall be *[ persons]* a person who *[ are officers, directors or employees]* is an officer, director, or employee of an insurance *[ companies]* 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.
Approved: May 2, 2001