Arkansas § 23-70-116 Subscribers' advisory committee

Arkansas Statutes

§ 23-70-116 — Subscribers' advisory committee

(a)The advisory committee of a domestic reciprocal insurer exercising the subscribers' rights shall be selected under such rules as the subscribers adopt.

(b)Not less than two-thirds (2/3) of the committee shall be subscribers, other than the attorney or any person employed by, representing, or having a financial interest in the attorney.

(c)The committee shall:

(1)Supervise the finances of the insurer;

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

(3)Procure the audit of the accounts and records of the insurer and of the attorney at the expense of the insurer; and (4) Have such additional powers and functions as may be conferred by the subscribers' agreement.

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(a) The advisory committee of a domestic reciprocal insurer exercising the subscribers' rights shall be selected under such rules as the subscribers adopt. (b) Not less than two-thirds (2/3) of the committee shall be subscribers, other than the attorney or any person employed by, representing, or having a financial interest in the attorney. (c) The committee shall: (1) Supervise the finances of the insurer; (2) Supervise the insurer's operations to such extent as to assure conformity with the subscribers' agreement and power of attorney; (3) Procure the audit of the accounts and records of the insurer and of the attorney at the expense of the insurer; and (4) Have such additional powers and functions as may be conferred by the subscribers' agreement.

Arkansas § 23-70-116 (Subscribers' advisory committee) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.