KRS 304.42-070: Board of directors.

(1) The board of directors of the association shall consist of not less than five (5) nor

more than nine (9) 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 app roval of the commissioner. Vacancies on the board shall be filled for the

remaining period of the term by a majority vote of the remaining board members,

subject to the approval of the commissioner. To select the initial board of directors,

and initially o rganize 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 shall be entitled to

one (1) vote in pers on or by proxy. If the board of directors is not selected within

sixty (60) days after notice of the organizational meeting, the commissioner may

appoint the initial members.

(2) In approving selections or in appointing members to the board, the commission er

shall consider, among other things, whether all member insurers are fairly

represented.

(3) 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 otherwise be compensated by the association for their services.