§ 5717. Subscribers’ advisory committee.
123 words·~1 min read·
/de/title-18/chapter-57-reciprocal-insurers/5717·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 2 / 3 of such 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; and
(4)Have such additional powers and functions as may be conferred by the subscribers’ agreement.