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.]