Modification 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.
Effective: June 18, 1970

Terms Used In Kentucky Statutes 304.27-090

  • Attorney: as used in this subtitle , refers to the attorney-in-fact of a reciprocal insurer. See Kentucky Statutes 304.27-050
  • Contract: A legal written agreement that becomes binding when signed.
  • Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
  • 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

History: Created 1970 Ky. Acts ch. 301, subtit. 27, sec. 9, effective June 18, 1970.

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