Oklahoma § 36-2910 - Power of attorney

§ 36-2910. Power of attorney

A. The rights and powers of the attorney of a reciprocal

insurer shall be as provided in the power of attorney given it by

the subscribers.

B. The power of attorney must set forth:

1. The powers of the attorney;

Oklahoma Statutes - Title 36. Insurance

2. That the attorney is empowered to accept service of process

on behalf of the insurer and to authorize the Insurance Commissioner

to receive service of process in actions against the insurer upon

contracts exchanged;

3. The general services to be performed by the attorney;

4. The maximum amount to be deducted from advance premiums or

deposits to be paid to the attorney and the general items of expense

in addition to losses, to be paid by the insurer;

5. Except as to nonassessable policies, a provision for a

contingent several liability of each subscriber in a specified

amount which amount shall be not less than one nor more than ten

times the premium or premium deposit stated in the policy.

C. The power of attorney may:

1. Provide for the right of substitution of the attorney and

revocation of the power of attorney and rights thereunder;

2. Impose such restrictions upon the exercise of the power as

are agreed upon by the subscribers;

3. Provide for the exercise of any right reserved to the

subscribers directly or through their advisory committee;

4. Contain other lawful provisions deemed advisable.

D. The terms of any power of attorney or agreement collateral

thereto shall be reasonable and equitable, and no such power or

agreement shall be used or be effective in Oklahoma until approved

by the Insurance Commissioner.

Laws 1957, p. 356, § 2910.