§431:4-309 Rights of members. (a) A domestic mutual insurer is owned by and shall be operated in the interest of its members.
(b) Each member is entitled to one vote in the election of directors and on matters coming before corporate meetings of members, subject to such reasonable minimum requirements as to duration of membership and amount of insurance held as may be made in the insurer's bylaws. The person named as the policyholder in any group insurance policy issued by the insurer shall be deemed the member, and shall have but one vote regardless of the number of individuals insured by the policy.
(c) With respect to the management, records, and affairs of the insurer, a member shall have the same character of rights and relationship as a stockholder has toward a domestic stock insurer. [L 1987, c 347, pt of §2]
Section: Previous 431-4-302 431-4-303 431-4-304 431-4-305 431-4-306 431-4-307 431-4-308 431-4-309 431-4-310 431-4-311 431-4-312 431-4-313 431-4-314 431-4-315 431-4-316 NextLast modified: October 27, 2016