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Terms Used In Maryland Code, INSURANCE 3-214

  • Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(a) The advisory committee of a domestic reciprocal insurer that exercises the subscribers’ rights shall be chosen under rules that the subscribers adopt.

(b) Not less than two-thirds of the advisory committee shall be subscribers other than the attorney in fact of the reciprocal insurer or a person employed by, representing, or having a financial interest in the attorney in fact.

(c) The advisory committee shall:

(1) supervise the finances of the reciprocal insurer;

(2) supervise the operations of the reciprocal insurer to ensure compliance with the subscribers’ agreement and power of attorney;

(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 any additional powers and functions as conferred by the subscribers’ agreement.