Insurance Law 5508 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 5507 Participation up ARTICLE 55 Medical Malpractice Insurance Association next SECTION 5509 Stabilization reserve fund Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 5508 Directors Insurance (ISC) CHAPTER 28, ARTICLE 55 § 5508. Directors. (a) The association shall be governed by a board of twenty-one directors. The superintendent or his duly authorized representative shall serve as a non-voting director. Two directors shall be appointed by the governor. Two directors shall be appointed by the temporary president of the senate and two directors shall be appointed by the speaker of the assembly. Eight directors shall be elected by cumulative voting by the members of the association, whose votes in such election shall be weighted in accordance with each member's net direct premiums written during the preceding calendar year. Four directors shall be appointed by the superintendent as representatives of physicians and hospitals. The superintendent shall also appoint two directors as representatives of the public, who shall not be representatives of physicians or hospitals, or representatives of insurers or insurance producers. The eight member companies serving on the board shall be elected annually at a meeting of the members. (b) The directors shall serve without compensation but shall be reimbursed for their actual and necessary expenses incurred in the performance of their duties under this article.