3. Reimbursement. Members of the board may be reimbursed from the assets of the association for expenses incurred by them as members of the board of directors, but members of the board shall may not otherwise be compensated by the association for their services.

§4608. Powers and duties of the association

In addition to the powers and duties enumerated in other sections of this chapter:

1. Impaired insurer; association action. If a domestic member insurer is an impaired insurer, the association may, prior to a final order of liquidation or rehabilitation, and subject to any fair and equitable conditions imposed by the association that do not impair the contractual obligations of the impaired insurer and that are approved by the impaired insurer and the superintendent, employ any or all of the following actions:

A. Guarantee, assume or reinsure, or cause to be guaranteed, assumed or reinsured all the covered policies of the impaired insurer; or

B. Provide such moneys money, pledges, loans, notes, guarantees or other means as are proper to effectuate paragraph A and assure payment of the appropriate contractual obligations of the impaired insurer pending action under paragraph A; or.

C. Loan money to the impaired insurer.

2. Foreign or alien impaired insurer; association action prior to final order of liquidation, rehabilitation or conservation. If a foreign or alien insurer is an impaired insurer, the association may prior to a final order of liquidation, rehabilitation or conservation, with respect to the covered policies of residents and subject to any fair and equitable conditions imposed by the association and approved by the impaired insurer and the superintendent, employ any or all of the following actions:

A. Guarantee or reinsure, or cause to be guaranteed, assumed or reinsured, the impaired insurer's covered policies of residents;

B. Provide such moneys, pledges, notes, guarantees or other means as are proper to effectuate paragraph A and assure