NRS 686C.140
Board of Directors: Members

  • vacancies
  • initial selection
  • reimbursement of expenses.

1.

The Board of Directors of the Association consists of not less than five nor more than nine members, serving terms as established in the plan of operation.

2.

The members of the Board who represent insurers must be selected by member insurers subject to the approval of the Commissioner. If practicable, one of the members of the Board must be an officer of a domestic insurer.

3.

Two public representatives must be appointed to the Board by the Commissioner. A public representative may not be an officer, director or employee of an insurer or engaged in the business of insurance.

4.

Vacancies on the Board must be filled for the remaining period of the term by majority vote of the members of the Board, subject to the approval of the Commissioner, for members who represent insurers, and by the Commissioner for public representatives.

5.

To select the initial Board of Directors, and initially organize the Association, the Commissioner shall give notice to all member insurers of the time and place of the organizational meeting. In determining voting rights at the organizational meeting, each member insurer is entitled to one vote in person or by proxy. If the Board of Directors is not selected within 60 days after notice of the organizational meeting, the Commissioner may appoint the initial members to represent insurers in addition to the public representatives.

6.

In approving selections or in appointing members to the Board, the Commissioner shall consider, among other things, whether all member insurers are fairly represented.

7.

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 may not otherwise be compensated by the Association for their services.

Source: Section 686C.140 — Board of Directors: Members; vacancies; initial selection; reimbursement of expenses., https://www.­leg.­state.­nv.­us/NRS/NRS-686C.­html#NRS686CSec140.

686C.130
Creation of Association 686C.140
Board of Directors: Members 686C.150
Powers regarding impaired insurers. 686C.152
Duties regarding insolvent insurers. 686C.153
Provision of substitute benefits and coverage with respect to covered policies or contracts. 686C.154
Alternative policies or contracts: Adoption 686C.155
Ensuring of payment or credit of guaranteed minimum interest rate. 686C.156
Issuance of substitute coverage for policy or contract that uses external reference for calculating returns or changes in value. 686C.158
Payment of premiums 686C.160
Imposition of restraints on insurers. 686C.170
Liability for guaranty provided by laws of another state or jurisdiction. 686C.175
Receipt and disposition of deposit held pursuant to law or required by Commissioner for benefit of creditors. 686C.180
Provision of assistance to Commissioner. 686C.190
Legal standing. 686C.200
Subrogation. 686C.210
Limitations on obligations. 686C.220
General powers. 686C.221
Determination of means to provide benefits 686C.222
Requests for information from member insurers. 686C.223
Election to succeed to rights and obligations of member insurer 686C.224
Assumption of reinsurance contracts: Authority 686C.225
Termination of obligations: Replacement of coverage under policy or contract. 686C.226
Termination of obligations: Failure to pay premiums. 686C.2241
Assumption of reinsurance contracts: Suspension of rights and obligations after order of liquidation. 686C.2243
Assumption of reinsurance contracts: Contracts not assumed by Association. 686C.2245
Assumption of reinsurance contracts: Transfer of contracts by Association. 686C.2247
Assumption of reinsurance contracts: Applicability of other provisions. 686C.2249
Assumption of reinsurance contracts: Terms and conditions of contract not affected
Last Updated

Feb. 5, 2021

§ 686C.140’s source at nv​.us