§ 4847.
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/vt/title-8/chapter-132/4847A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 4847. Subscribers’ advisory committee
(a)The advisory committee of a domestic reciprocal insurer exercising the subscribers’ rights shall be selected under such rules as the subscriber adopts.
(b)Not less than two-thirds of the committee shall be subscribers.
(c)The committee shall:
(1)supervise the finances of the insurer;
(2)supervise the insurer’s operations to such extent as to ensure 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. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 2003, No. 55, § 5; 2021, No. 105 (Adj. Sess.), § 233, eff. July 1, 2022.)