14101872D
HOUSE BILL NO. 336
Offered January 8, 2014
Prefiled January 2, 2014
A BILL to amend and reenact §§38.2-2803 and 38.2-2903 of the
Code of Virginia, relating to the board of directors of insurance joint
underwriting associations.
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Patron-- Bell, Robert B.
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Committee Referral Pending
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Be it enacted by the General Assembly of Virginia:
1. That §§38.2-2803 and 38.2-2903 of the Code of Virginia
are amended and reenacted as follows:
§38.2-2803. Directors.
A. The association shall be governed by a board of fourteen 14
directors. Two directors shall be appointed by each of the following three two
insurance industry trade associations: (i) the American Insurance Association; (ii) the Alliance of
American Insurers; and (iii) the
National Association of Independent Insurers (ii) the Property Casualty Insurers Association of
America. The Commission shall appoint two four directors to represent
insurers not affiliated with the insurance industry trade associations listed
above. One director shall be appointed by each of the following two agent trade
associations: (a) the Independent Insurance Agents of Virginia; and (b) the Professional
Insurance Agents Association of Virginia and the District of Columbia. Two
directors shall be appointed by the Medical Society of Virginia, and two directors shall be
appointed by the Virginia Hospital and Healthcare Association.
B. If any of the foregoing associations fail to appoint a
director or directors within a reasonable period of time, the Commission shall
have the power to make the appointments.
§38.2-2903. Directors.
A. The Association shall be governed by a board of eleven 11
directors, including one who shall be elected chairman. Two directors shall be
appointed by each of the following three two insurance industry trade
associations: (i) the American Insurance Association; (ii) the
Alliance of American Insurers; and (iii) the
National Association of Independent Insurers (ii) the Property Casualty Insurers
Association of America. One director shall be appointed by
each of the following two insurance agents' trade associations: (i) (a)
the Independent Insurance Agents of Virginia and (ii) (b) the Professional Insurance
Agents Association of Virginia and the District of Columbia. The Commission
shall appoint three five
directors not affiliated with the aforementioned trade associations. If, for
any reason, any of the trade associations fail to appoint a director or
directors within a reasonable period of time, the Commission shall have the
power to make the appointment.
B. All board members, including the chairman, shall be
appointed to serve for two-year terms beginning on a date designated by the
plan.
C. Six directors shall constitute a quorum for the transaction
of any business or exercise of any power of the Association. The directors of
the Association shall act by vote of a majority of those present. The directors
shall serve without salary, but each director shall be reimbursed for actual
and necessary expenses incurred in the performance of his or her official
duties as a director of the Association.
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