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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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INSURANCE |
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TITLE 9. IMPAIRED ENTITIES |
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SUBTITLE 4. LIFE AND HEALTH INSURANCE GUARANTY CORPORATION ACT |
§ 9-406. Board of Directors
Latest version.
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(a) Membership; terms. --
(1) The Board of Directors of the Corporation consists of at least five members but not more than nine members.
(2) The members of the Board shall be elected from among the member insurers.
(3) The terms of the members of the Board shall be as set by the plan of operation.
(4) A vacancy on the Board shall be filled for the remainder of the term by a majority vote of the remaining members of the Board.
(b) Officers. --
(1) The Board of Directors shall elect a chairman and appoint an executive committee.
(2) The Board may elect other officers.
(c) Fair representation. -- When electing members of the Board of Directors or filling vacancies on the Board, consideration shall be given to, among other things, whether all member insurers are fairly represented.
(d) Reimbursement for expenses. -- A member of the Board of Directors:
(1) may be reimbursed by the Corporation for expenses incurred in carrying out duties as a member of the Board; but
(2) may not otherwise receive compensation from the Corporation for the member's service.
(e) Oversight of funds. --
(1) The Board of Directors has general oversight authority over funds provided under this subtitle to the Board of Directors or Corporation.
(2) At any time or in any manner as the Board may direct, a receiver, liquidator, rehabilitator, or conservator appointed under this subtitle shall make a detailed accounting of expenditures to the Board.