2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 39 - Reciprocal Insurers
Section 59A-39-17 - Subscribers' advisory committee.
59A-39-17. 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 of such 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 the power of attorney;
(3) procure the audit of the accounts and records of the insurer and of attorney at the expense of the insurer; and
(4) have such additional powers and functions as may be conferred in the subscribers' agreement.
History: Laws 1984, ch. 127, 674.
