The board of directors for the reciprocal shall have and exercise the ultimate power over the control and management of the affairs of the reciprocal, subject to the subscriber's agreement. The board of directors shall be selected under rules adopted by the subscribers. At least two-thirds (2/3) of the board of directors of a domestic reciprocal shall be composed of subscribers or representatives of subscribers, other than the attorney or any person employed by or having a financial interest in the attorney. An individual shall not be considered to be employed by or having a financial interest in the attorney if such individual is a subscriber or a representative of a subscriber of the reciprocal. The board of directors may also be referred to as a subscribers advisory committee, board of trustees or by such other name as the board chooses.
Structure Mississippi Code
Chapter 33 - Reciprocal Insurance
§ 83-33-1. Regulation of exchange
§ 83-33-3. Execution of contracts
§ 83-33-5. Declaration under oath
§ 83-33-17. Certificate of authority
§ 83-33-19. Taxation of premium receipts
§ 83-33-23. Board of directors to control and manage reciprocal
§ 83-33-25. Return of savings or credits accruing to subscribers
§ 83-33-33. Liability of subscribers for reciprocal's debts or obligations
§ 83-33-37. Two or more reciprocals authorized to combine assets and liabilities into one reciprocal