Virginia Code 38.2-1224: Modification of power of attorney and subscriber’s agreement.
Modification of the terms of the power of attorney and subscriber‘s agreement of a domestic reciprocal shall be made jointly by the attorney and the subscribers’ advisory committee. Any such modification shall be filed with the attorney and the Commission and such filing shall by operation of law bind all subscribers the same as if each subscriber individually adopted and executed the modified, altered, or amended subscriber’s agreement and power of attorney, and a copy of such agreement and power of attorney shall be provided to each subscriber within ninety days of such modifications, alterations, or amendments. No modification shall be effective retroactively, nor shall it affect any insurance contract issued prior to the modification.
Terms Used In Virginia Code 38.2-1224
- Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Virginia Code 38.2-1201
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- 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 the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
- Subscriber: means a person obligated under a reciprocal insurance agreement. See Virginia Code 38.2-1201
1952, c. 317, § 38.1-701; 1986, c. 562; 1990, c. 10.