The power of attorney or other authority of the attorney-in-fact under which contracts of insurance are to be exchanged pursuant to this Article shall set forth
         (a) the address of the principal office of the
    
attorney-in-fact;
        (b) that the attorney-in-fact is authorized to accept
    
service of process on behalf of the reciprocal and to appoint the Director and his successor or successors in office the true and lawful attorney of such reciprocal for the service of process in actions upon contracts exchanged;
        (c) the amount to be deducted from advance deposits
    
to be paid to the attorney-in-fact and the items of expense, in addition to losses, to be paid by the reciprocal;
        (d) a provision for a cash deposit;

Terms Used In Illinois Compiled Statutes 215 ILCS 5/67

  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • attorney-in-fact: shall mean the representative of the subscribers. See Illinois Compiled Statutes 215 ILCS 5/61
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • reciprocal: shall mean the organization or group of all the subscribers. See Illinois Compiled Statutes 215 ILCS 5/61
  • Service of process: The service of writs or summonses to the appropriate party.
  • subscriber: shall mean the participant or policyholder. See Illinois Compiled Statutes 215 ILCS 5/61

         (e) except as provided in Section 75, a provision for
    
a contingent several liability of each subscriber in an amount of not less than one nor more than ten times the cash deposit stated in the contract; and
        (f) such other provisions not inconsistent with law
    
as may be deemed necessary or advisable.
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