Modification of the terms of the subscriber‘s agreement and the power of attorney of a domestic reciprocal shall be made jointly by the attorney and the subscriber’s advisory committee.? No modification is retroactive nor does it affect any insurance contract issued prior to the modification. (1989, c. 425, s. 1.)

Terms Used In North Carolina General Statutes 58-15-125

  • Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal and other insurance contracts. See North Carolina General Statutes 58-15-5
  • 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
  • Reciprocal: means an aggregation of subscribers under a common name. See North Carolina General Statutes 58-15-5
  • Subscriber: means a person obligated under a reciprocal insurance agreement. See North Carolina General Statutes 58-15-5
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