(1) (a) There is created the board of directors of the exchange. The board consists of twelve members, including nine voting members appointed pursuant to subsection (1)(b) of this section and three nonvoting, ex officio members as set forth in subsection (1)(c) of this section. (b) (I) The governor shall appoint five voting members to the board, and the president of the senate, the minority leader of the senate, the speaker of the house of representatives, and the minority leader of the house of representatives shall each appoint one voting member to the board. The governor shall not appoint more than three members from the same political party. (II) Appointed members of the board may be removed by their respective appointing authorities for cause. The appointing authority making the original appointment shall fill a vacancy by appointment for the remainder of an unexpired term. (III) The term of an appointed member is four years; except that the terms shall be staggered so that no more than five members' terms expire in the same year. Members may serve a maximum of two consecutive terms. If a member is appointed to fill a vacancy and serves for more than half of the unexpired term, the member shall be eligible for appointment to only one more consecutive term. (IV) The appointing authorities shall coordinate appointments to ensure that there is broad representation within the skill sets specified in this subsection (1)(b)(IV) and shall consider the geographic, economic, ethnic, and other characteristics of the state when making the appointments. A majority of the voting members must be business representatives or individuals who are not directly affiliated with the insurance industry, and none shall be state employees. Each person appointed to the board should have demonstrated expertise in at least two, and in any case shall have demonstrated expertise in no less than one, of the following areas: (A) Individual health insurance coverage; (B) Small employer health insurance; (C) Health benefits administration; (D) Health-care finance; (E) Administration of a public or private health-care delivery system; (F) The provision of health-care services; (G) The purchase of health insurance coverage; (H) Health-care consumer navigation or assistance; (I) Health-care economics or health-care actuarial sciences; (J) Information technology; or (K) Starting a small business with fifty or fewer employees. (c) The executive director of the department of health care policy and financing, or his or her designee; the commissioner of insurance, or his or her designee; and the director of the office of economic development and international trade, or his or her designee, shall serve as nonvoting, ex officio members of the board. (d) The board shall elect one of its members as chair of the board. (2) Each member of the board is responsible for meeting the requirements of this article and all applicable state and federal laws, rules, and regulations; serving in the public interest of the individuals and small businesses seeking health-care coverage through the exchange; and ensuring the operational well-being and fiscal solvency of the exchange. (3) (a) Board members shall not receive compensation for performance of services for the board but may receive a per diem and reimbursement for travel and other necessary expenses while engaged in the performance of official duties of the board. Per diem and reimbursement expenses are paid through grant moneys received by the board. (b) A member of the board shall not perform an official act that may have a direct economic benefit on a business or other undertaking in which the member has a direct or substantial financial interest. (c) A board member or an officer or employee of the exchange is not liable for an act or omission when acting in his or her official capacity, in good faith, without intent to defraud, and in connection with the administration, management, or conduct of this article. (4) (a) Board members are subject to articles 6, 18, and 72 of title 24, C.R.S. (b) All moneys received by the board for the exchange are subject to audit by the legislative audit committee. The board shall report all moneys received for the exchange to the legislative audit committee. (c) The state auditor may conduct or cause to be conducted a performance audit of the exchange, including the operation, contract management, project management, and performance of the shared eligibility system and any other related or corresponding state systems in order to ensure a complete and thorough audit of the operation of the exchange. Upon completion of a performance audit, the state auditor shall submit a written report to the legislative audit committee, together with any findings and recommendations. The state auditor has continuing authority to conduct performance audits of the exchange whenever the state auditor or the legislative audit committee deems appropriate. (5) Any information provided to a board member pursuant to this article that is exempt from disclosure under either section 24-72-204, C.R.S., or part 4 of article 6 of title 24, C.R.S., shall be and remain confidential and may be used only by the board.
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