§ 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.