Poolman Announces Restructuring of Nodak Board of Directors
Posted on 11/21/2002
FOR IMMEDIATE RELEASE
Contact: Jim Poolman
November 21, 2002
Bismarck, ND - Insurance Commissioner Jim Poolman announced today a plan to restructure the Board of Directors of Nodak Mutual Insurance Company. The current Board of Directors voted to endorse this change at a meeting in Bismarck last week.
Currently, Nodak Mutual Insurance shares a common Board of Directors with the North Dakota Farm Bureau. The board will remain at 12 members, but will be changed to consist of the President and Vice President of the Farm Bureau, two Farm Bureau Board members at large, six policyholders and two outside board members.
"This move is a giant step forward for the Company, and adds direct policyholder input on the Board of Directors," Poolman said. "The current board should be commended on their leadership in taking on this change that will benefit all policyholders of the company," he added.
The current Nodak Mutual Board of Directors worked together with the Commissioner and the Insurance Department to restructure the board. Nodak Mutual Board President Doug Goehring said, "We recognized the need for change and the Board stepped up to make those necessary changes. The Board deserves a lot of credit for taking on this challenge."
Nodak Mutual Insurance was placed under administrative supervision by the North Dakota Insurance Department on September 23. This action was a result of several indications of breakdown between senior management and the Board of Directors of the company. "The company remains in good financial health and able to do business, and these new board changes will help ensure the long term strength of this good company." Poolman said.
The new board structure will be sent to policyholders for approval. Proxies will be mailed to all policyholders within the next 90 days. After approval, the new board will commence with interviewing candidates for the open CEO position at the company.