2-15-1019. Board of directors of state compensation insurance fund. (1) There is a board of directors of the state compensation insurance fund.
     (2) The board is allocated to the department for administrative purposes only as prescribed in 2-15-121. However, the board may employ its own staff.
     (3) The board may provide for its own office space and the office space of the state fund.
     (4) The board consists of seven members appointed by the governor. The executive director of the state fund is an ex officio nonvoting member.
     (5) At least four of the seven members must represent state fund policyholders and may be employees of state fund policyholders. At least four members of the board shall represent private, for-profit enterprises. One of the seven members may be a licensed insurance producer. A member of the board may not:
     (a) except for the licensed insurance producer member, represent or be an employee of an insurance company that is licensed to transact workers' compensation insurance under compensation plan No. 2; or
     (b) be an employee of a self-insured employer under compensation plan No. 1.
     (6) A member is appointed for a term of 4 years. The terms of board members must be staggered. A member of the board may serve no more than two 4-year terms. A member shall hold office until a successor is appointed and qualified.
     (7) The members must be appointed and compensated in the same manner as members of a quasi-judicial board as provided in 2-15-124, except that the requirement that at least one member be an attorney does not apply.

     History: En. Sec. 3, Ch. 613, L. 1989; amd. Sec. 14, Ch. 630, L. 1993; amd. Sec. 1, Ch. 276, L. 1997.