Tennessee Code 56-16-205 – Subscriber’s agreement and power of attorney – Modification
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 56-16-205
- Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Tennessee Code 56-16-102
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the department of commerce and insurance. See Tennessee Code 56-16-102
- 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 Tennessee Code 56-16-102
- Subscriber: means a person obligated under a reciprocal insurance agreement. See Tennessee Code 56-16-102
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 board of directors. The modification shall be filed with the attorney and the department, and the 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. No modification shall be effective retroactively, nor shall it affect any insurance contract issued prior to the modification.