There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 27. Reciprocal Insurers
304.27.080 Power of attorney.
Download pdf(b) That the attorney is empowered to accept service of process on behalf of the insurer in actions against the insurer upon contracts exchanged; (c) The general services to be performed by the attorney;
(d) 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 (e) Except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount which amount shall be not
less than one (1) nor more than ten (10) times the premium or premium
deposit stated in the policy. (3) The 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; and (d) Contain other lawful provisions deemed advisable. (4) The terms of any power of attorney or agreement collateral thereto shall be reasonable and equitable, and no such power or agreement, or any amendment
thereof, shall be used or be effective in this state until approved by the
commissioner. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1376, effective July 15, 2010. -- Created 1970 Ky. Acts ch. 301, subtit. 27, sec. 8, effective June 18, 1970.
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