Kansas Statutes 40-1625. Reciprocal; board of directors; requirements on; powers and duties
Terms Used In Kansas Statutes 40-1625
- Attorney-in-fact: means the person designated and authorized by subscribers as having authority to obligate them on reciprocal insurance contracts. See Kansas Statutes 40-1623
- 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.
- Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type of organization, organization, cooperative, partnership, receiver, trustee or society, with power to enter into contractual undertakings within or without the state. See Kansas Statutes 40-1623
- 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: means an aggregation of subscribers under a common name. See Kansas Statutes 40-1623
- Subscriber: means a person obligated under a reciprocal insurance agreement. See Kansas Statutes 40-1623
The board of directors exercising the subscribers’ rights in a domestic reciprocal shall be selected under rules adopted by the subscribers. At least 3/4 of the board of directors of a domestic reciprocal shall be composed of subscribers or representatives of subscribers, other than the attorney-in-fact or any person employed by, representing or having a financial interest in the attorney-in-fact. An individual shall not be considered to be employed by, representing or having a financial interest in the attorney-in-fact if such individual is a subscriber or a representative of a subscriber of the reciprocal. The board of directors shall supervise the finances of the reciprocal and the reciprocal’s operations to the extent required to assure their conformity with the subscriber’s agreement and power of attorney and shall exercise any other powers conferred on it by the subscriber’s agreement. The board of directors may also be referred to as a subscribers advisory committee, board of trustees or by such other name as the board chooses.