[HISTORY: Adopted by the Town Meeting of the Town of Rockport 3-22-1997 (Ch. 6, Sec. 2c, of the 1997 Code of By-laws). Amendments noted where applicable.]
There shall be a permanent Insurance Committee consisting of the Town Treasurer and Town Accountant, ex officio, and not less than three nor more than five other citizens of the Town, who shall be persons especially fitted by education, training or previous experience to be appointed by the Select Board. At the first meeting of the Select Board following adoption of this by-law and annually thereafter, the Select Board shall appoint members of the Committee to serve for terms of no longer than three years in such manner that no more than 1/3 of such appointed members shall have terms expiring in the same year. All of such members shall serve until their successors are appointed and qualified; any vacancy on the Committee may be filled for the balance of the vacated term by the Select Board.
The Insurance Committee shall:
A. 
On a continuing basis identify and assess the risks of loss to which the Town is exposed.
B. 
Consider the need for and make recommendations for the purchase of insurance.
C. 
Keep informed concerning insured benefit programs required to be maintained by the Town and other self-insurance programs.
The members of the Committee other than the ex officio members shall be appointed Commissioners for the management and administration of the Town's municipal buildings insurance fund.
The Committee shall make an annual report and, on or before December 15 of each year, submit to the Select Board its recommendations with respect to the purchase of insurance, use of the municipal insurance fund and anticipated costs for the following year.