40-1625. Reciprocal; board of directors; requirements on; powers and duties. The board of directors exercising the subscribers' rights in a domestic reciprocal shall be selected under rules adopted by the subscribers. At least 3/4 of the board of directors of a domestic reciprocal shall be composed of subscribers or representatives of subscribers, other than the attorney-in-fact or any person employed by, representing or having a financial interest in the attorney-in-fact. An individual shall not be considered to be employed by, representing or having a financial interest in the attorney-in-fact if such individual is a subscriber or a representative of a subscriber of the reciprocal. The board of directors shall supervise the finances of the reciprocal and the reciprocal's operations to the extent required to assure their conformity with the subscriber's agreement and power of attorney and shall exercise any other powers conferred on it by the subscriber's agreement. The board of directors may also be referred to as a subscribers advisory committee, board of trustees or by such other name as the board chooses.
History: L. 2000, ch. 170, ยง 11; July 1.
Structure Kansas Statutes
Article 16 - Reciprocal Or Interinsurance Contracts
40-1601 Exchange contracts authorized.
40-1602 Execution of contracts by attorney-in-fact.
40-1603 Domestic reciprocal; attorney-in-fact; declarations.
40-1604 Statements filed by attorney-in-fact with commissioner; amount of indemnity.
40-1605 Maintenance of unearned premiums and reserves; surplus funds; conditions.
40-1606 Advancements to company; conditions.
40-1607 Service of process upon commissioner; fee; suits by and against subscribers.
40-1608 Bond of attorney and employees.
40-1609 Power of corporation to exchange contracts.
40-1610 Certificate of authority; revocation or suspension.
40-1611 Levies and taxes on premiums; payment; deductions.
40-1612 Certain provisions of code to reciprocals.
40-1613 Authority to write fidelity and surety bonds; conditions.
40-1616 Same; approval; assumption of policies and business by surviving entity.
40-1617 Same; merger agreement; approval; submission to insurance commissioner.
40-1619 Same; construction of act; exemption from certain provisions of law.
40-1621 Same; hearing on conversion plan.
40-1622 Same; act supplemental to article 16.
40-1624 Reciprocal; business name.
40-1625 Reciprocal; board of directors; requirements on; powers and duties.
40-1626 Subscriber's agreement; requirements.
40-1627 Modification of power of attorney; filing requirements.
40-1628 Reciprocal; return of savings to subscriber accounts.
40-1629 Domestic reciprocal; liquidation; requirements on.
40-1630 Reciprocal; assessable insurance policies, prohibition against issuance.