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, ยง 674.
Structure New Mexico Statutes
Article 39 - Reciprocal Insurers
Section 59A-39-1 - "Reciprocal" insurance defined.
Section 59A-39-2 - Scope of chapter; existing insurers.
Section 59A-39-3 - Insuring powers of reciprocals.
Section 59A-39-4 - Name; suits.
Section 59A-39-6 - Organization of reciprocal insurer.
Section 59A-39-7 - Certificate of authority.
Section 59A-39-8 - Power of attorney.
Section 59A-39-9 - Modifications.
Section 59A-39-10 - Attorney's bond.
Section 59A-39-11 - Deposit in lieu of bond.
Section 59A-39-12 - Action on bond.
Section 59A-39-13 - Service of process; judgment.
Section 59A-39-14 - Contributions to insurer.
Section 59A-39-15 - Financial condition; method of determining.
Section 59A-39-16 - Who may be subscribers.
Section 59A-39-17 - Subscribers' advisory committee.
Section 59A-39-18 - Subscribers' liability.
Section 59A-39-19 - Subscribers' liability on judgment.
Section 59A-39-20 - Assessments.
Section 59A-39-21 - Time limit for assessments.
Section 59A-39-22 - Aggregate liability.
Section 59A-39-23 - Nonassessable policies.
Section 59A-39-24 - Subscribers' share in assets.