Okla. Stat. tit. 36, § 36-2910
This is the official text of Okla. Stat. tit. 36, § 36-2910, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Power of attorney
Official statutory text
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 Page 744
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.
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 Page 744
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.
Status: reserved · Read it on the official government site
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