304.27-180 Subscribers' advisory committee. (1) The advisory committee exercising the subscribers' rights in a domestic reciprocal insurer shall be selected under such rules as the subscribers adopt. (2) Not less than two-thirds (2/3) of such committee shall be composed of 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 their 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. (d) Have such additional powers and functions as may be conferred by the subscribers' agreement. Effective: June 18, 1970 History: Created 1970 Ky. Acts ch. 301, subtit. 27, sec. 18, effective June 18, 1970.
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