(1) The advisory committee of a domestic reciprocal insurer exercising the subscribers' rights shall be selected under such rules as the subscribers adopt. (2) Not less than three-fourths of such committee shall be composed of subscribers other than the attorney, or any person employed by, representing, or having a financial interest in the attorney. (3) The committee shall: (a) Supervise the finances of the insurer; (b) supervise the insurer's operations to such extent as to assure their conformity with the subscribers' agreement and power of attorney; (c) procure the audit of the accounts and records of the insurer and of the attorney at the expense of the insurer; (d) have such additional powers and functions as may be conferred by the subscribers' agreement.
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