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- Alaska Statutes.
- Title 21. Insurance
- Chapter 75. Reciprocal and Cooperative Insurers
- Section 170. Subscriber's Advisory Committee.
previous: Section 160
. Who May Be Subscribers.
next: Section 180
. Subscribers' Liability.
AS 21.75.170. Subscriber's Advisory Committee.
- (a) The subscriber's advisory committee shall meet at least annually and shall consist of not less than nine individuals
elected by the subscribers, at least two-thirds of whom are subscribers or officers or directors of subscriber
corporations and, except for a reciprocal insurer that wholly owns its attorney-in-fact, not more than one-third of
whom may be
- (1) the attorney-in-fact or an employee, officer, director, affiliate, or a person having a financial interest in the
- (2) a person representing the attorney-in-fact or an employee, officer, director, affiliate, or other person having a
financial interest in the attorney-in-fact; a person shall be treated as having a financial interest in the
attorney-in-fact if the person
- (A) owns, directly or indirectly, more than one percent of the outstanding stock in the attorney-in-fact;
- (B) has an outstanding loan from the attorney-in-fact; or
- (C) earns a commission or other compensation as a producer for the reciprocal insurer.
- (b) A member of the subscriber's advisory committee may be elected to a term of office of not less than one year nor more
than four years. A member may be reelected for an unlimited number of terms. Terms of office may be staggered to
provide for continuity.
- (c) The chair of the committee shall be elected by the members of the committee and the committee shall adopt rules
consistent with the purposes of the committee.
- (d) The attorney-in-fact shall appoint a secretary.
- (e) Special meetings of the committee may be called by the attorney-in-fact, the chair of the committee, three members of
the committee, or a signed petition of at least one percent of the subscribers or three individual subscribers,
whichever is greater, as of the most recent annual report of the reciprocal insurer.
- (f) The committee shall
- (1) supervise the finances of the reciprocal insurer;
- (2) supervise the reciprocal insurer's operations to assure conformity with the subscriber's agreement;
- (3) procure the audit of the accounts and records of the reciprocal insurer and of the attorney-in-fact at the expense of
the reciprocal insurer; and
- (4) have additional powers and functions that may be conferred by the subscriber's agreement.
- (g) Notwithstanding (a) of this section, a domestic reciprocal insurer transacting all of its insurance activities on a
subject resident, located, or to be performed in this state may, with the prior written approval of the director, have
a subscriber's advisory committee that consists of not less than five individuals who are elected by the subscribers,
and who otherwise meet the requirements of (a) of this section.
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