Kentucky Statutes 304.27-180 – Subscribers’ advisory committee
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(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.
(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.
Terms Used In Kentucky Statutes 304.27-180
- Attorney: as used in this subtitle , refers to the attorney-in-fact of a reciprocal insurer. See Kentucky Statutes 304.27-050
- Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(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.