Alabama Code 27-31-10. Modifications of subscribers’ agreement or power of attorney of domestic insurer
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Alabama Code 27-31-10
- Attorney: as used in this chapter , refers to the attorney-in-fact of a reciprocal insurer. See Alabama Code 27-31-5
- 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
Modifications of the terms of the subscribers’ agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers’ advisory committee. No such modification shall be effective retroactively nor as to any insurance contract issued prior thereto.