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The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 137 : VERMONT JOINT UNDERWRITING ASSOCIATIONS

(Cite as: 8 V.S.A. § 4983)
  • § 4983. Board of directors

    Each association established under this chapter shall operate subject to the supervision of a board of directors consisting of representatives of four of the members, who shall be elected by the members; an insurance agent licensed and writing insurance in this State, who shall be named by the Commissioner and two representatives of the group of buyers of the line of insurance provided, to be named by the association of such group if any exists, or by the Commissioner. A chair and such other officers as may be provided for in the plan shall be elected by the board. The directors shall serve without compensation but shall be reimbursed by the association for their actual and necessary expenses incurred in the performance of their duties. (Added 1985, No. 265 (Adj. Sess.), § 4, eff. June 4, 1986.)