Section 40-2905 - Board of directors; selection; vacancies; expenses(a)(1) The board of directors of the association shall consist of nine persons, of which three members shall serve terms of one year;(2) three members shall serve terms of two years; and(3) three members shall serve terms of three years. The members of the board shall be selected by member insurers subject to the approval of the commissioner. Vacancies on the board shall be filled for the remaining period of the term in the same manner as the initial appointments. The members of the board of directors serving as of July 1, 2024, shall continue their terms until the expiration of such members' current terms. Upon expiration of each member's term, the commissioner shall decide whether to continue such member's position on the board or reduce the number of members of the board of directors in accordance with paragraph (d).(b) In approving or continuing selections to the board, the commissioner shall consider among other criteria, whether all member insurers are fairly represented.(c) Members of the board may be reimbursed from the assets of the association for expenses incurred thereby as members of the board of directors.(d) On and after January 1, 2025, the board of directors shall consist of not fewer than seven members but not more than nine members appointed in accordance with this paragraph. Members of the board shall be selected by member insurers, subject to the approval of the commissioner. Each member of the board of directors shall serve a term of three years but shall be removable by the commissioner for inefficiency, neglect of duty or malfeasance.Amended by L. 2024, ch. 74,§ 3, eff. 7/1/2024.L. 1970, ch. 185, § 5; L. 1976, ch. 220, § 1; April 2.