Virginia SB 388: Virginia Life, Accident and Sickness Insurance Guaranty Association; board of directors.

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2018 SESSION

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18102082D

SENATE BILL NO. 388 

Offered January 10, 2018 

Prefiled January 9, 2018 

A BILL to amend and reenact � 38.2-1703 of the Code of 
 Virginia, relating to the board of directors of the Virginia Life, Accident and 
 Sickness Insurance Guaranty Association. 
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Patron-- Chafin 

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Referred to Committee on Commerce and Labor 

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Be 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.