Board of directors, selection, terms--powers and duties.
375.776. 1. The board of directors, subject to the supervision ofthe director, shall:
(1) Establish a plan of operation whereby the duties of theassociation under section 375.775 will be performed;
(2) Establish procedures for handling assets of the association;
(3) Establish regular places and times for meetings of the board ofdirectors;
(4) Establish procedures for records to be kept of all financialtransactions of the association, its agents, and the board of directors;
(5) Provide that any member insurer aggrieved by any final action ordecision of the association may appeal to the director within thirty daysafter the action or decision;
(6) Establish the procedures whereby selections for the board ofdirectors will be submitted to the director; and
(7) Have and exercise such additional powers necessary or proper forthe execution of the powers and duties of the association.
2. The plan of operation may provide that any or all powers andduties of the association, except those under subsection 8 and subdivision(4) of subsection 10 of section 375.775, are delegated to a corporation,association, or organization which performs or will perform functionssimilar to those of this association, or its equivalent, in two or morestates. Such a corporation, association or organization shall bereimbursed as a servicing facility would be reimbursed and shall be paidfor its performance of any other functions of the association. Adelegation under this section shall take effect only with the approval ofboth the board of directors and the director, and may be made only to acorporation, association, or organization which extends protection notsubstantially less favorable and effective than that provided by sections375.771 to 375.779.
3. The board of directors of the association shall consist of sevenpersons serving terms as established in the plan of operation. The membersof the board shall be selected by member insurers subject to the approvalof the director. Not less than four of the members shall representdomestic insurers. Vacancies on the board shall be filled for theremaining period of the term by appointment of the director. If no membersare selected within sixty days, the director shall appoint the initialmembers of the board of directors.
4. Members of the board shall receive no remuneration.
5. To aid in the detection and prevention of insurer insolvencies:
(1) It shall be the duty of the board of directors, upon majorityvote, to notify the director of any information indicating any memberinsurer may be insolvent or in a financial condition hazardous to thepolicyholders or the public;
(2) The board of directors may, upon majority vote, make reports andrecommendations to the director upon any matter germane to the solvency,liquidation, rehabilitation or conservation of any member insurer. Suchreports and recommendations shall not be considered public documents; and
(3) The board of directors shall, at the conclusion of any insurerinsolvency in which the association was obligated to pay covered claims,prepare a report on the history and causes of such insolvency, based on theinformation available to the association, and submit such report to thedirector.
Board of directors, selection, terms--powers and duties.
375.776. 1. The board of directors, subject to the supervision ofthe director, shall:
(1) Establish a plan of operation whereby the duties of theassociation under section 375.775 will be performed;
(2) Establish procedures for handling assets of the association;
(3) Establish regular places and times for meetings of the board ofdirectors;
(4) Establish procedures for records to be kept of all financialtransactions of the association, its agents, and the board of directors;
(5) Provide that any member insurer aggrieved by any final action ordecision of the association may appeal to the director within thirty daysafter the action or decision;
(6) Establish the procedures whereby selections for the board ofdirectors will be submitted to the director; and
(7) Have and exercise such additional powers necessary or proper forthe execution of the powers and duties of the association.
2. The plan of operation may provide that any or all powers andduties of the association, except those under subsection 8 and subdivision(4) of subsection 10 of section 375.775, are delegated to a corporation,association, or organization which performs or will perform functionssimilar to those of this association, or its equivalent, in two or morestates. Such a corporation, association or organization shall bereimbursed as a servicing facility would be reimbursed and shall be paidfor its performance of any other functions of the association. Adelegation under this section shall take effect only with the approval ofboth the board of directors and the director, and may be made only to acorporation, association, or organization which extends protection notsubstantially less favorable and effective than that provided by sections375.771 to 375.779.
3. The board of directors of the association shall consist of sevenpersons serving terms as established in the plan of operation. The membersof the board shall be selected by member insurers subject to the approvalof the director. Not less than four of the members shall representdomestic insurers. Vacancies on the board shall be filled for theremaining period of the term by appointment of the director. If no membersare selected within sixty days, the director shall appoint the initialmembers of the board of directors.
4. Members of the board shall receive no remuneration.
5. To aid in the detection and prevention of insurer insolvencies:
(1) It shall be the duty of the board of directors, upon majorityvote, to notify the director of any information indicating any memberinsurer may be insolvent or in a financial condition hazardous to thepolicyholders or the public;
(2) The board of directors may, upon majority vote, make reports andrecommendations to the director upon any matter germane to the solvency,liquidation, rehabilitation or conservation of any member insurer. Suchreports and recommendations shall not be considered public documents; and
(3) The board of directors shall, at the conclusion of any insurerinsolvency in which the association was obligated to pay covered claims,prepare a report on the history and causes of such insolvency, based on theinformation available to the association, and submit such report to thedirector.
Board of directors, selection, terms--powers and duties.
375.776. 1. The board of directors, subject to the supervision ofthe director, shall:
(1) Establish a plan of operation whereby the duties of theassociation under section 375.775 will be performed;
(2) Establish procedures for handling assets of the association;
(3) Establish regular places and times for meetings of the board ofdirectors;
(4) Establish procedures for records to be kept of all financialtransactions of the association, its agents, and the board of directors;
(5) Provide that any member insurer aggrieved by any final action ordecision of the association may appeal to the director within thirty daysafter the action or decision;
(6) Establish the procedures whereby selections for the board ofdirectors will be submitted to the director; and
(7) Have and exercise such additional powers necessary or proper forthe execution of the powers and duties of the association.
2. The plan of operation may provide that any or all powers andduties of the association, except those under subsection 8 and subdivision(4) of subsection 10 of section 375.775, are delegated to a corporation,association, or organization which performs or will perform functionssimilar to those of this association, or its equivalent, in two or morestates. Such a corporation, association or organization shall bereimbursed as a servicing facility would be reimbursed and shall be paidfor its performance of any other functions of the association. Adelegation under this section shall take effect only with the approval ofboth the board of directors and the director, and may be made only to acorporation, association, or organization which extends protection notsubstantially less favorable and effective than that provided by sections375.771 to 375.779.
3. The board of directors of the association shall consist of sevenpersons serving terms as established in the plan of operation. The membersof the board shall be selected by member insurers subject to the approvalof the director. Not less than four of the members shall representdomestic insurers. Vacancies on the board shall be filled for theremaining period of the term by appointment of the director. If no membersare selected within sixty days, the director shall appoint the initialmembers of the board of directors.
4. Members of the board shall receive no remuneration.
5. To aid in the detection and prevention of insurer insolvencies:
(1) It shall be the duty of the board of directors, upon majorityvote, to notify the director of any information indicating any memberinsurer may be insolvent or in a financial condition hazardous to thepolicyholders or the public;
(2) The board of directors may, upon majority vote, make reports andrecommendations to the director upon any matter germane to the solvency,liquidation, rehabilitation or conservation of any member insurer. Suchreports and recommendations shall not be considered public documents; and
(3) The board of directors shall, at the conclusion of any insurerinsolvency in which the association was obligated to pay covered claims,prepare a report on the history and causes of such insolvency, based on theinformation available to the association, and submit such report to thedirector.
