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2018 SESSION
18101982DBe it enacted by the General Assembly of Virginia:
1. That § 38.2-1703 of the Code of Virginia is amended and reenacted as follows:
§ 38.2-1703. Board of directors of Association.
A. The board of directors of the Association shall consist of
not less than five nine
nor more than nine 13
member insurers serving 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 Commission. Vacancies on the board shall be filled for the remainder
of the term by a majority vote of the remaining board members, subject to the
approval of the Commission.
B. In approving selections the Commission 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 but members of the board shall not be otherwise compensated by the Association for their services.