(a) The guaranty fund is managed by a board of directors.
(b) The board is composed of the following voting members:
(1) three members elected as provided by Subsection (c), each of whom represents a different group certified under this chapter;
(2) one member to represent wage earners designated by the commission;
(3) one member designated by the commissioner; and
(4) the public counsel of the office of public insurance counsel.
(c) Representatives of each group certified under this chapter may participate equally in the election of the three members of the board elected under Subsection (b)(1). A person elected under Subsection (b)(1) must be approved by the commissioner before the person may serve on the board.
(d) Notwithstanding Subsection (c), the commissioner shall appoint the initial board members representing groups. A person appointed as an initial board member under this subsection is eligible to serve additional terms on election by the members of the guaranty fund.
Added by Acts 2005, 79th Leg., Ch. 1055 (H.B. 1353), § 1, eff. September 1, 2005.