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§ 9-406. Board of Directors

West's Annotated Code of MarylandInsuranceEffective: October 1, 2020

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 9. Impaired Entities
Subtitle 4. Life and Health Insurance Guaranty Corporation Act (Refs & Annos)
Effective: October 1, 2020
MD Code, Insurance, § 9-406
§ 9-406. Board of Directors
Currentness
Board members
(a)(1) The Board of Directors of the Corporation consists of at least 7 members but not more than 11 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.
Chairman, executive committee, and other officers
(b)(1) The Board of Directors shall elect a chairman and appoint an executive committee.
(2) The Board may elect other officers.
Fair representation of member insurers
(c) 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.
Reimbursement for expenses
(d) 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.
Oversight authority over funds
(e)(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.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 2020, c. 73, § 1, eff. Oct. 1, 2020; Acts 2020, c. 74, § 1, eff. Oct. 1, 2020.
Formerly Art. 48A, § 526.
MD Code, Insurance, § 9-406, MD INSURANCE § 9-406
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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