§431:14A-108  Administrator; appointment; duties.  (a)  The board shall hire an administrator who shall serve at the pleasure of the board.  The administrator shall be the chief executive officer and shall be responsible for the day-to-day operations and management of the company.

     (b)  The administrator shall have proven, successful experience as an executive at the general management level in the insurance business.  The administrator shall manage and conduct the business of the company according to the board's direction and policies.  The administrator shall receive compensation authorized by the board.

     (c)  Before entering the duties of office, the administrator shall give a fidelity bond in an amount and with sureties approved by the board.  The premium for the bond shall be paid by the company.

     (d)  The administrator shall be an ex officio, nonvoting member of the board. [L 1996, c 261, pt of §2; am L 2004, c 122, §65; am L 2010, c 52, §4]