The advisory committee exercising the subscribers’ rights in a domestic reciprocal shall be selected under rules adopted by the subscribers.? At least three-fourths of the committee shall comprise subscribers or their representatives other than the attorney or any person employed by, representing, or having a financial interest in the attorney.? The committee shall supervise the finances of the reciprocal and the reciprocal’s operations to the extent required to assure their conformity with the subscriber‘s agreement and power of attorney and shall exercise any other powers conferred on it by the subscriber’s agreement. (1989, c. 425, s. 1.)

Terms Used In North Carolina General Statutes 58-15-115

  • Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal and other insurance contracts. See North Carolina General Statutes 58-15-5
  • person: means any county, city, school board, hospital authority, or any other local governmental authority or local agency or public service corporation owned, operated or controlled by a local government or local government authority, that has the power to enter into contractual undertakings within or without the State. See North Carolina General Statutes 58-15-5
  • 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
  • Reciprocal: means an aggregation of subscribers under a common name. See North Carolina General Statutes 58-15-5
  • Subscriber: means a person obligated under a reciprocal insurance agreement. See North Carolina General Statutes 58-15-5
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