Sec 20-684. Guaranty fund board; meetings; definition

A. Subject to the powers of the director, the life and disability insurance guaranty fund shall be administered by a board of nine members. Each member of the board shall serve for a term of three years. Of the members first appointed, three shall serve for terms of one year, three shall serve for terms of two years, and three shall serve for terms of three years.

B. The members of the board shall be appointed by the governor from a list of persons submitted to the governor by the director of insurance. In submitting selections for the board, the director shall consider whether all member insurers are fairly represented.

C. Members of the board shall receive no compensation and shall not be entitled to travel expenses as authorized by title 38, chapter 4, article 2 but shall be entitled to be reimbursed for expenses incurred by them as members of the board from the assets of the fund.