D.C. Municipal Regulations (Last Updated: September 13, 2017) |
Title 26. INSURANCE, SECURITIES, AND BANKING |
SubTilte 26-A. INSURANCE |
Chapter 26-A40. RECIPROCAL INSURANCE COMPANIES |
Section 26-A4008. POWER OF ATTORNEY
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4008.1The rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers.
4008.2The power of attorney must be set forth:
(a) The powers of the attorney;
(b) The general services to be performed by the attorney;
(c)The maximum amount to be deducted from advance premiums or deposits to be paid to the attorney and the general items of expense in addition to losses to be paid by the insurer; and
(d) A provision for a contingent several liability of each subscriber who is issued an assessable policy in a specified amount, which amount shall not be less than one or more than ten times the premium or premium deposit stated in the policy.
4008.3The power of attorney may:
(a) Provide for the right of substitution of the attorney and revocation of the power of attorney and rights thereunder.
(b) Impose such restrictions upon the exercise of the power as are agreed upon by the subscribers;
(c) Provide for the exercise of any right reserved to the subscribers directly or through their advisory committee;
(d) Provide that only non-assessable policies shall be issued; and
(e) Contain other lawful provisions deemed advisable.
4008.4The terms of any power of attorney or agreement collateral thereto shall be reasonable and equitable, and no such power or agreement or modification thereof shall be used by a domestic reciprocal or be effective in the District until approved by the Commissioner.