N.Y. Insurance Law § 7707: Board of directors

§ 7707. Board of directors. (a) The board of directors of the

corporation shall consist of not less than five nor more than thirteen

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 superintendent. 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 superintendent.

To select the initial board of directors, and initially organize the

corporation, the superintendent 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 vote in person or by proxy. If the board of directors is

not selected within sixty days after notice of the organizational

meeting, the superintendent may appoint the initial members of the

board.

(b) In approving selections or in appointing members to the board, the

superintendent 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

corporation for expenses incurred by them as members of the board of

directors but shall not otherwise be compensated by the corporation for

their services.

(d) The superintendent shall be ex-officio chair of the board of

directors but shall not be entitled to vote.