Title 24-A: MAINE INSURANCE CODE

Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS

§3625. Directors' residence, compensation

1.  A majority of the board of directors of the insurer shall be residents of, and actually reside in, this State.  

[PL 1969, c. 132, §1 (NEW).]

2.  The salary or compensation for services of the directors of the insurer shall be fixed by the policyholders at their annual meeting.  

[PL 1969, c. 132, §1 (NEW).]

SECTION HISTORY

PL 1969, c. 132, §1 (NEW).