508C.7 Board of directors. 1. The board of directors of the association shall consist of not less than seven nor more than eleven member insurers serving terms as established in the plan of operation. Themembers of the board shall be selected by member insurers, subject to the approval of thecommissioner. Vacancies on the board shall be filled for the remaining period of the term by amajority vote of the remaining board members, subject to the approval of the commissioner.To select the initial board of directors, and initially organize the association, the commissionershall give notice to all member insurers of the time and place of the organizational meeting.In determining voting rights at the organizational meeting, each member insurer shall beentitled to one vote in person or by proxy. If the board of directors is not selected within sixtydays after notice of the organizational meeting, the commissioner may appoint the initialmembers. 2. In approving selections or in appointing members to the board, the commissioner shall consider, among other factors, whether all member insurers, including member insurersthat primarily write life insurance, annuity contracts, or health benefit ers to the board, the commissioner shall consider, among other factors, whether all member insurers, including member insurersthat primarily write life insurance, annuity contracts, or health benefit plans, are fairlyrepresented. 3. At the option of the association, 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.However, members of the board shall not otherwise be compensated by the association fortheir services. 87 Acts, ch 223, §7; 2019 Acts, ch 12, §10, 35, 36Referred to in §508C.6, 508C.102019 amendment applies beginning March 29, 2019; 2019 Acts, ch 12, §35, 36 Sat Dec 23 00:41:07 2023 Iowa Code 2024, Section 508C.7 (19, 0)
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