38.2-1224 - Modification of power of attorney and subscriber's agreement. - Virginia Statutes

§ 38.2-1224. Modification of power of attorney and subscriber's agreement.

Modification of the terms of the power of attorney and subscriber's agreementof a domestic reciprocal shall be made jointly by the attorney and thesubscribers' advisory committee. Any such modification shall be filed withthe attorney and the Commission and such filing shall by operation of lawbind all subscribers the same as if each subscriber individually adopted andexecuted the modified, altered, or amended subscriber's agreement and powerof attorney, and a copy of such agreement and power of attorney shall beprovided to each subscriber within ninety days of such modifications,alterations, or amendments. No modification shall be effectiveretroactively, nor shall it affect any insurance contract issued prior to themodification.

(1952, c. 317, § 38.1-701; 1986, c. 562; 1990, c. 10.)