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Section 41-2920 - SUBSCRIBERS’ ADVISORY COMMITTEE.

ID Code § 41-2920 (2019) (N/A)
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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.]

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Section 41-2919 - WHO MAY BE SUBSCRIBERS.
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Section 41-2921 - SUBSCRIBERS’ LIABILITY.