The Vermont Statutes Online
The Statutes below include the actions of the 2024 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 8 : Banking and Insurance
Chapter 101 : Insurance Companies Generally
Subchapter 009 : PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION
(Cite as: 8 V.S.A. § 3614)-
§ 3614. Board of Directors
(a) The Board of Directors of the Association shall consist of not less than five nor more than nine persons, at least three of whom shall be persons who are officers, directors, or employees of insurance companies incorporated under the laws of this State, unless there are fewer than three such companies, in which case there shall be one Director for each such company. The Directors shall serve 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 by a majority vote of the remaining Board members, subject to the approval of the Commissioner.
(b) In approving selections 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. (Added 1969, No. 279 (Adj. Sess.), § 6; amended 1979, No. 18, § 9; 2007, No. 178 (Adj. Sess.), § 12.)
