(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 (2/3) of the 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 power of attorney;(3) Procure the audit of the accounts and records of the insurer and of the attorney at the expense of the insurer; and(4) Have such additional powers and functions as may be conferred by the subscribers' agreement.Acts 1959, No. 148, § 529; A.S.A. 1947, § 66-4320.
Arkansas Legal Code