§ 38.2-1703 Board of directors of Association
A. The board of directors of the Association shall consist of not less than nine nor more than 13 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 Commission. Vacancies on the board shall be filled for the remainder of the term by a majority vote of the remaining board members, subject to the approval of the Commission.
B. In approving selections the Commission 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 otherwise compensated by the Association for their services.
History
This law was first created in 1976. The record of its establishment is cataloged in chapter 330 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1976 “Acts” aren’t available online. It has been modified 3 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1986, chapter 562; in 2010, chapter 510; in 2018, chapters 258, 306, and 706.
1976, c. 330, § 38.1-482.21; 1986, c. 562; 2010, c. 510; 2018, cc. 258, 306, 706.