Vermont § 4847 Subscribers’ advisory committee

Vermont Statutes

§ 4847 — Subscribers’ advisory committee

Vermont·Title 8 Title 8: Banking and Insurance·Ch. 132 Chapter 132: Reciprocal Insurers

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

(b)Not less than two-thirds of the committee shall be subscribers.

(c)The committee shall:

(1)supervise the finances of the insurer;

(2)supervise the insurer’s operations to such extent as to ensure 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. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 2003, No. 55, § 5; 2021, No. 105 (Adj. Sess.), § 233, eff. July 1, 2022.)

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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 subscriber adopts.
(b) Not less than two-thirds of the committee shall be subscribers.
(c) The committee shall:
(1) supervise the finances of the insurer;
(2) supervise the insurer’s operations to such extent as to ensure 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. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 2003, No. 55, § 5; 2021, No. 105 (Adj. Sess.), § 233, eff. July 1, 2022.)

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