P.R. Laws tit. 26, § 3807
(1) The Board of Directors of the Association shall consist of at least five (5) and not more than nine (9) member insurers, who shall serve for the terms established in the plan of operations. The Board members shall be selected by the member insurers, subject to the Commissioner’s approval. The President of the Board shall be elected from among the members thereof. Vacancies on the Board shall be filled for the remainder of the term, by majority vote of the remaining members of the Board, subject to the approval of the Commissioner.
(2) On the approval of the selections for the Board, the Commissioner shall take into consideration, among other things, whether all the member insurers are fairly represented.
(3) The assets of the Association can be used to reimburse the Board members for any reasonable and necessary expenses incurred as members thereof.
History —Ins. Code, added as § 38.070 on Aug. 17, 1991, No. 72, § 1.