Kansas Statutes 40-1627. Modification of power of attorney; filing requirements
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 40-1627
- 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.
- Commissioner: means the commissioner of insurance. See Kansas Statutes 40-1623
- 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: 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
Any modification of the terms of the power of attorney and subscriber‘s agreement of a domestic reciprocal shall be made jointly by the attorney-in-fact and the board of directors. Any such modification shall be filed with the attorney-in-fact and the commissioner of insurance. By operation of law any such filing shall bind all subscribers the same as if each subscriber individually had adopted and executed the modified, altered or amended subscriber’s agreement and power of attorney. No modification shall be effective retroactively, nor shall such modification affect any insurance contract issued prior to the date of such modification.