§ 48.09.120. Rights of members
(1) A domestic mutual insurer is owned by and shall be operated in the interest of its members.
(2) 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 such insurer shall be deemed the member, and shall have but one such vote regardless of the number of individuals insured by such policy.
(3) 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.
[1947 c 79 § .09.12; Rem. Supp. 1947 § 45.09.12.]
Sections: Previous 48.09.010 48.09.090 48.09.100 48.09.110 48.09.120 48.09.130 48.09.140 48.09.150 48.09.160 48.09.180 48.09.190 48.09.210 48.09.220 48.09.230 48.09.235 NextLast modified: April 7, 2009