Lynn Paulson, CEO of Grafton-based Choice Financial Group, was elected to the open consumer seat on the Noridian Mutual Insurance Co. Board of Directors at the company's annual meeting December 4, in Fargo.
The NMIC Board of Directors is comprised of 13 people: five from health care and eight consumers. Directors must be NMIC members covered by an NMIC plan, and each director is eligible to serve four three-year terms.
The Board of Directors evaluates NMIC's CEO, determines the CEO's compensation and oversees corporate governance. Directors have a duty to act in good faith, in a manner the director reasonably believes to be in the best interests of the corporation.
The board meets at least six times per year, and committees of the board meet four to five times throughout the year. Each director serves on two committees - Audit and Compliance, Governance and Nominating, Human Resources and Compensation, Finance and Investment, and the Quality Committee. Directors rely on information, opinions, reports or statements, including financial statements and other financial data, prepared or presented by: officers or employees of NMIC; legal counsel, accountants or other persons with special knowledge; or a board committee.
For vacant positions on the NMIC board, the company solicits board applications from its members, anyone interested in serving the residents of North Dakota. Candidates should also have expertise relevant to the demands of overseeing a multifaceted billion-dollar company. The board's Governance and Nominating Committee reviews all nominations and holds face-to-face interviews with each candidate.
Paulson has been CEO of Choice Financial Group since 1995. He is chairman of the Choice Financial Board of Directors, and director of Choice Financial Holdings, Inc. In addition, he is a member of the North Dakota School of Banking Planning and Advisory Committee, NStarr Development Board and the American Bankers Association's CEO Excellence Roundtable. He is the immediate past chairman of the North Dakota Bankers Association Legislative Committee. Paulson earned his bachelor's degree from North Dakota State University, Fargo.
Choice Financial is a premier provider of financial solutions, with nine locations in North Dakota, including one in West Fargo.
Noridian Mutual Insurance Co. had its beginnings more than 65 years ago with one mission - to provide access to quality health care for North Dakotans. Today, NMIC is a not-for-profit mutual company owned by its members, providing health coverage and related benefits to more than 449,000 members.