(a) There is a Board of Trustees of the Fund.
(b) (1) The Board of Trustees consists of nine members appointed by the Governor with the advice and consent of the Senate.
(2) Of the nine members:
(i) at least three shall have insurance industry expertise; and
(ii) at least two shall have financial management expertise.
(3) Of the members described in paragraph (2)(i) of this subsection, at least one shall be appointed from a list of two or more individuals recommended by the Board of Directors.
(c) A member may not be actively affiliated with an insurance agency, insurance producer, insurer, or premium finance company that does business with the Fund.
(d) (1) Each member shall be a resident of the State.
(2) In deciding which individuals to appoint, the Governor, to the extent practicable, shall consider the geographic and demographic, including race and gender, diversity of the State.
(e) Before taking office, each appointee to the Board of Trustees shall take the oath required by Article I, § 9 of the Maryland Constitution.
(f) (1) The term of a member is 5 years.
(2) The terms of members are staggered as required by the terms provided for members of the Board of Trustees on October 1, 2013.
(3) At the end of a term, a member continues to serve until a successor is appointed and qualifies.
(4) A member may not serve for more than:
(i) two full terms; or
(ii) a total of 10 years.
(5) If a member of the Board of Trustees ceases to be a member of the Board, the Governor shall appoint a successor for the unexpired term.
(g) The Board of Trustees shall choose a chair from among its members.
(h) The Governor may remove a member of the Board of Trustees for incompetence or misconduct.
(i) (1) Each member of the Board of Trustees is entitled to:
(i) reasonable compensation:
1. in the form of salary for work performed for the benefit of the Fund; and
2. as provided in the budget of the Board of Trustees; and
(ii) reimbursement for expenses:
1. incurred in the performance of the member’s duties; and
2. as provided in the budget of the Board of Trustees.
(2) Nothing in paragraph (1)(i) of this subsection requires a member of the Board of Trustees to take compensation if the member has a conflict of interest with other employment that precludes the member from taking compensation for work performed for the benefit of the Fund.
(j) The Board of Trustees:
(1) shall adopt rules, bylaws, and procedures; and
(2) may adopt any policy to carry out this title.
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