The advisory committee of a domestic reciprocal insurer shall:

(1) Supervise the finances of the insurer;

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Terms Used In South Dakota Codified Laws 58-34-30

  • Attorney: as used in this chapter , refers to the attorney in fact of a reciprocal insurer. See South Dakota Codified Laws 58-34-3
  • 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

(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.

Source: SL 1966, ch 111, ch 19, § 20 (3).