(1) There is created by this chapter an advisory association to be known as the “Arkansas Property and Casualty Advisory Association”, herein called the “advisory association” to be composed of eight (8) insurers.
(2) The Insurance Commissioner shall appoint the insurers who will serve as the initial advisory association. Subsequent members of the advisory association shall serve for terms of office of four (4) years and shall be appointed by the commissioner for terms of four (4) years.
(3) The members of the advisory association shall be chosen to afford fair representation to all insurers subject to this chapter giving due consideration to the various categories of premium income, geographical location, and segments of the industry represented in Arkansas.
(4) Vacancies on the advisory association shall be filled for the remaining period of the term in the same manner as other appointments.
(5) Members shall serve until their successors are appointed.
(6) Members shall serve without pay but may receive expense reimbursement in accordance with § 25-16-901 et seq.