Insurance Law 5204 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 5203 Motor vehicle accident indemnification corporation up ARTICLE 52 Motor Vehicle Accident Indemnification Corporation next SECTION 5205 Liability of directors and members Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 5204 Board of directors Insurance (ISC) CHAPTER 28, ARTICLE 52 § 5204. Board of directors. (a) The board of directors of the corporation shall be composed of nine persons. Seven of such directors shall be representatives of motor vehicle liability insurers, shall serve without compensation and be elected from among the members of the corporation by the members of the corporation, each of which members shall have one vote. In addition, the superintendent shall appoint two directors as representing broad segments of the public; one such director shall be a duly licensed insurance agent or broker and one shall have no affiliation with insurers or insurance producers. (b) Each director shall serve for a term of two years. At the expiration of the initial term their successors in office shall serve for terms as fixed in the by-laws of the corporation.