2006 Minnesota Statutes

79.37 BOARD OF DIRECTORS.
A board of directors of the reinsurance association is created and is responsible for the
operation of the reinsurance association consistent with the plan of operation and sections
79.34 to 79.40. The board consists of 13 directors. Four directors shall represent insurers,
two directors shall represent employers, two shall represent self-insurers; two directors shall
represent employees; the commissioner of finance and the executive director of the state Board of
Investment or their designees shall serve as directors; and one director shall represent the public.
Insurer members of the reinsurance association shall elect the directors who represent insurers;
self-insurer members of the reinsurance association shall elect the directors who represent
self-insurers; and the commissioner of labor and industry shall appoint the remaining directors for
the terms authorized in the plan of operation. Each director is entitled to one vote. Terms of the
directors shall be staggered so that the terms of all the directors do not expire at the same time
and so that a director does not serve a term of more than four years. The board shall select a
chair and other officers it deems appropriate.
A majority of the directors currently holding office constitutes a quorum. Action may be
taken by a majority vote of the directors present.
The board shall take reasonable and prudent action regarding the management of the
reinsurance association including but not limited to determining the entity who shall manage
the daily affairs of the reinsurance association. The board shall report to the governor of its
actions regarding the entity selected to manage the reinsurance association and the reasons for the
selection.
History: Ex1979 c 3 s 20; 1980 c 556 s 10; 1981 c 346 s 139; 1983 c 290 s 11; 1984 c 592 s
78; 1985 c 234 s 2; 1986 c 444; 1987 c 384 art 2 s 1