520.2 Execution of contract.
Reciprocal or interinsurance contracts may be executed by an attorney, agent, or other representative designated as the attorney in fact, duly authorized and acting for such subscribers under powers of attorney. The attorney may be a corporation. The attorney shall have the power and authority to execute any and all instruments, papers, and documents incident to and a part of the business of the reciprocal or interinsurance exchange, including deeds for the conveyance of real estate, and acquisition and sale of securities. The attorney shall have the power and authority to do all things necessary and incident to the management and operation of such business. The certificate of the commissioner of insurance certifying the name of the attorney for any reciprocal or interinsurance exchange shall be sufficient proof of the authority of any such attorney.
[C24, 27, 31, 35, 39, §9084; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.2]
2021 Acts, ch 80, §332
Referred to in §520.14
Section amended
Structure Iowa Code
Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS
Section 520.1 - Authorization.
Section 520.2 - Execution of contract.
Section 520.3 - Office of attorney — foreign office.
Section 520.4 - Preliminary declaration.
Section 520.5 - Actions — venue — commissioner as process agent.
Section 520.6 - Service of process.
Section 520.7 - Judgment — satisfaction.
Section 520.8 - Reports — limitations on risks.
Section 520.9 - Standard of solvency.
Section 520.9A - Solvency standard — transition.
Section 520.10 - Annual report — examination — penalties.
Section 520.11 - Implied powers of corporations.
Section 520.12 - Certificate of authority — renewal — penalties.
Section 520.13 - Fidelity or surety bonds executed.
Section 520.14 - Violations — exceptions.
Section 520.15 - Refusal or revocation of certificate.
Section 520.17 - Additional security — refusal.
Section 520.18 - Foreign attorney — bonds.
Section 520.19 - Annual tax — fees.
Section 520.20 - Form of policy — construction.
Section 520.23 - Deposit of securities by reciprocal or interinsurance exchanges.