40-1627. Modification of power of attorney; filing requirements. - Kansas Statutes

40-1627

Chapter 40.--INSURANCE Article 16.--RECIPROCAL OR INTERINSURANCE CONTRACTS

      40-1627.   Modification of power of attorney; filingrequirements.Any modification of the terms of the power of attorneyand subscriber's agreement of a domestic reciprocal shall be made jointly bythe attorney-in-fact and the board of directors. Any such modification shall befiled with the attorney-in-fact and the commissioner of insurance. By operationof law any such filing shall bind all subscribers the same as if eachsubscriber individually had adopted and executed the modified, altered oramended subscriber's agreement and power of attorney. No modification shallbeeffective retroactively, nor shall such modification affect any insurancecontract issued prior to the date of such modification.

      History:   L. 2000, ch. 170, § 13; July 1.