Section 26-A4009. MODIFICATIONS

Latest version.

4009.1Modifications 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. Without additional notice, execution, or acceptance, every subscriber shall be bound by any modification of the subscriber agreement or power of attorney. However, no such modification shall be effective retroactively nor as to any insurance contract issued prior thereto unless agreed to by the affected subscriber.

authority

The Commissioner of the Department of Insurance, Securities, and Banking, pursuant to the authority set forth in section 22 of the Captive Insurance Company Act of 2004, effective March 17, 2005 (D.C. Law 15-262; D.C. Official Code § 31-3931.21).

source

Notice of Emergency and Proposed Rulemaking published at 54 DCR 12099 (December 14, 2007)[EXPIRED]; as amended by Notice of Final Rulemaking published at 55 DCR 479, 483 (January 18, 2008).

                    
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