40-1627. Modification of power of attorney; filing requirements. Any modification of the terms of the power of attorney and subscriber's agreement of a domestic reciprocal shall be made jointly by the attorney-in-fact and the board of directors. Any such modification shall be filed with the attorney-in-fact and the commissioner of insurance. By operation of law any such filing shall bind all subscribers the same as if each subscriber individually had adopted and executed the modified, altered or amended subscriber's agreement and power of attorney. No modification shall be effective retroactively, nor shall such modification affect any insurance contract issued prior to the date of such modification.
History: L. 2000, ch. 170, ยง 13; 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.