TITLE 41

INSURANCE

CHAPTER 29

RECIPROCAL INSURERS

41-2920.  Subscribers’ advisory committee. (1) The advisory committee of a domestic reciprocal insurer exercising the subscribers’ rights shall be selected under such rules as the subscribers adopt.

(2)  Not less than two-thirds (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.

(3)  The committee shall:

(a)  Supervise the finances of the insurer;

(b)  Supervise the insurer’s operations to such extent as to assure conformity with the subscribers’ agreement and power of attorney;

(c)  Procure the audit of the accounts and records of the insurer and of the attorney at the expense of the insurer; and

(d)  Have such additional powers and functions as may be conferred by the subscribers’ agreement.

History:

[41-2920, added 1961, ch. 330, sec. 647, p. 645.]