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2006 SESSION
Be it enacted by the General Assembly of Virginia:
1. That §§ 38.2-5016 and 38.2-5016.1 of the Code of Virginia are amended and reenacted as follows:
§ 38.2-5016. Board of directors; appointment; vacancies; term; list of Program claimants.
A. The Birth-Related Neurological Injury Compensation Program shall be governed by a board of seven directors.
B. Except as provided in subsection C, directors shall be appointed for a term of three years or until their successors are appointed and have qualified.
C. 1. The directors shall be appointed by the Governor as follows:
a. Four citizen representatives. The term of the member appointed in 1999 shall commence when appointed and shall end on July 1, 2002. When the terms of the two members expire in 2001, one shall be appointed for a term of two years ending July 1, 2003, and one shall be appointed for a term of three years ending July 1, 2004. Two of the members shall have a minimum of five years of professional investment experience; one of the members shall have professional experience working with the disabled community; and one of the members shall be the parent of a disabled child. Citizen members shall not have children or relatives who are claimants or who have been awarded benefits under the Act;
b. One representative of participating physicians. The initial term of the member appointed in 1999 shall commence when appointed and shall be for one year;
c. One representative of participating hospitals. The initial term of the member appointed in 1999 shall commence when appointed and shall be for two years; and
d. One representative of liability insurers. The initial term of the member appointed in 1999 shall commence when appointed and shall be for three years.
2. The Governor may select the representative of the participating physicians from a list of at least three names to be recommended by the Virginia Society of Obstetrics and Gynecology; the representative of participating hospitals from a list of at least three names to be recommended by the Virginia Hospital & Healthcare Association; and the representative of liability insurers from a list of at least three names, one of which is recommended by the American Insurance Association, one by the Alliance of American Insurers, and one by the National Association of Independent Insurers. In no case shall the Governor be bound to make any appointment from among the nominees of the respective associations.
D. The Governor shall promptly notify the appropriate association, which may make nominations, of any vacancy other than by expiration among the members of the board representing a particular interest and like nominations may be made for the filling of the vacancy.
E. The directors shall act by majority vote with four directors constituting a quorum for the transaction of any business or the exercise of any power of the Program. The directors shall serve without salary, but each director shall be reimbursed for actual and necessary expenses incurred in the performance of his official duties as a director of the Program. The directors shall not be subject to any personal liability with respect to the administration of the Program or the payment of any award.
F. The board shall have the power to (i) administer the
Program, (ii) administer the Birth-Related Neurological Injury Compensation
Fund, which shall include the authority to purchase, hold, sell or transfer
real or personal property and the authority to place any such property in trust
for the benefit of claimants who have received awards pursuant to § 38.2-5009,
(iii) appoint a service company or companies to administer the payment of
claims on behalf of the Program, (iv) direct the investment and reinvestment of
any surplus in the Fund over losses and expenses, provided any investment
income generated thereby remains in the Fund, (v) reinsure the risks of the
Fund in whole or in part, and (vi) obtain and maintain directors' and officers'
liability insurance. The board shall discharge its duties with respect to the
Fund solely in the interest of the recipients of awards pursuant to § 38.2-5009
and shall invest the assets of the Fund with the care, skill, prudence, and
diligence under the circumstances then prevailing that a prudent person acting
in a like capacity and familiar with such matters would use in the conduct of
an enterprise of a like character and with like aims. Any decisions regarding
the investment of the assets of the Fund shall be based on the advice of one or
more investment advisors retained by the board from a list provided by the
chief investment officer of the Virginia Retirement System, provided
that any investment advisor retained by the board shall be registered pursuant
to the provisions of Article 3 (§ 13.1-504 et seq.) of Chapter 5 of Title 13.1
or shall be a federal covered advisor as defined in § 13.1-501 who has filed
such documents and paid such fees as may be necessary to transact business in
the Commonwealth pursuant to § 13.1-504. The board shall report annually to
the Governor and to the Speaker of the House of Delegates and the Clerk of the
House of Delegates and to the Chairman of the Senate Rules Committee and the
Clerk of the Senate regarding the investment of the Fund's assets. The board
shall establish a procedure in the plan of operation for notice to be given to
obstetrical patients concerning the no-fault alternative for birth-related
neurological injuries provided in this chapter, such notice to include a clear
and concise explanation of a patient's rights and limitations under the
program.
G. The board shall establish a procedure in the plan of operation for maintaining a list of Program claimants. Each claimant may consent to have his name, address, phone number, and other personal information included on such list, for distribution to other Program claimants. The Board shall distribute the list to Program claimants who have given consent to be included on such list, and to no other person.
§ 38.2-5016.1. Investment strategy advice; expected returns.
A. The board of directors of the Program shall consult with
the chief investment officer of the Virginia Retirement System semiannually for
advice regarding the Fund's risk profile and the optimal investment strategy
for its assets, including allocations of its equities and fixed income
portfolios.
B. The investment advisor or advisors retained by the
board pursuant to subsection F of § 38.2-5016 shall provide the board with
annual statements explaining the expected returns on its equities and fixed
income portfolios.