20-781. Subscribers' advisory committee

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. The advisory committee of a domestic reciprocal insurer exercising the subscribers' rights shall be selected under such rules as the subscribers adopt.

B. Not less than two thirds of the committee shall be subscribers other than the attorney, or any person employed by, representing or having a financial interest in the attorney.

C. The committee shall:

1. Supervise the finances of the insurer.

2. Supervise the insurer's operations to such extent as to assure conformity with the subscribers' agreement and power of attorney.

3. Procure the audit of the accounts and records of the insurer and of the attorney at the expense of the insurer.

4. Have such additional powers and functions as may be conferred by the subscribers' agreement.