In a statutory power of attorney the language granting power with respect to insurance and annuity transactions empowers the agent to:
(1) Continue, pay the premium or assessment on, modify, rescind, release, or terminate a contract procured by or on behalf of the principal which insures or provides an annuity to either the principal or another person, whether or not the principal is a beneficiary under the contract;
(2) Procure new, different, and additional contracts of insurance and annuities for the principal and the principal's spouse, children, and other dependents; and select the amount, type of insurance or annuity, and mode of payment;
(3) Pay the premium or assessment on, modify, rescind, release, or terminate a contract of insurance or annuity procured by the agent;
(4) Designate the beneficiary of the contract, but an agent may be named a beneficiary of the contract, or an extension, renewal, or substitute for it, only to the extent the agent was named as a beneficiary under a contract procured by the principal before executing the power of attorney;
(5) Apply for and receive a loan on the security of the contract of insurance or annuity;
(6) Surrender and receive the cash surrender value;
(7) Exercise an election;
(8) Change the manner of paying premiums;
(9) Change or convert the type of insurance contract or annuity with respect to which the principal has or claims to have a power described in this section;
(10) Change the beneficiary of a contract of insurance or annuity, but the agent may not be designated a beneficiary except to the extent permitted by paragraph (4) of this section;
(11) Apply for and procure government aid to guarantee or pay premiums of a contract of insurance on the life of the principal;
(12) Collect, sell, assign, hypothecate, borrow upon, or pledge the interest of the principal in a contract of insurance or annuity; and
(13) Pay from proceeds or otherwise, compromise or contest, and apply for refunds in connection with, a tax or assessment levied by a taxing authority with respect to a contract of insurance or annuity or its proceeds or liability accruing by reason of the tax or assessment.
CREDIT(S)
(Sept. 18, 1998, D.C. Law 12-147, § 2, 45 DCR 3853.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 21-2110.
Legislative History of Laws
For legislative history of D.C. Law 12-147, see Historical and Statutory Notes following § 21-2101.
Uniform Law
This section is based upon § 10 of the Uniform Statutory Form Power of Attorney Act. See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
This section is based upon § 13 of the Uniform Statutory Form Power of Attorney Act. See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.