§3867. 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.
[PL 1969, c. 132, §1 (NEW).]
2.
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.
[PL 1969, c. 132, §1 (NEW).]
3.
The committee shall:
A.
Supervise the finances of the insurer;
[PL 1969, c. 132, §1 (NEW).]
B.
Supervise the insurer's operations to such extent as to assure conformity with the subscribers' agreement and power of attorney;
[PL 1969, c. 132, §1 (NEW).]
C.
Procure the audit of the accounts and records of the insurer and of the attorney at the expense of the insurer; and
[PL 1969, c. 132, §1 (NEW).]
D.
Have such additional powers and functions as may be conferred by the subscribers' agreement.
[PL 1969, c. 132, §1 (NEW).]
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).