                                 CODE OF VIRGINIA

DIRECTORS (§ 38.2-2903)

A. The Association shall be governed by a board of 11 directors, including one
who shall be elected chairman. Two directors shall be appointed by each of the
following three insurance industry trade associations: (i) the American
Insurance Association; (ii) the Property Casualty Insurers Association of
America; and (iii) the National Association of Mutual Insurance Companies. One
director shall be appointed by each of the following two insurance agents&#8217;
trade associations: (a) the Independent Insurance Agents of Virginia and (b) the
Professional Insurance Agents Association of Virginia and the District of
Columbia. The Commission shall appoint three directors not affiliated with the
aforementioned trade associations. If, for any reason, any of the trade
associations fail to appoint a director or directors within a reasonable period
of time, the Commission shall have the power to make the appointment.

B. All board members, including the chairman, shall be appointed to serve for
two-year terms beginning on a date designated by the plan.

C. Six directors shall constitute a quorum for the transaction of any business
or exercise of any power of the Association. The directors of the Association
shall act by vote of a majority of those present. The directors shall serve
without salary, but each director shall be reimbursed for actual and necessary
expenses incurred in the performance of his or her official duties as a director
of the Association.

HISTORY: 1988, cc. 769, 783; 2014, c. 198.