33-5-304. Action on bond
33-5-304. Action on bond. Action on the attorney’s bond or to recover against any such deposit made in lieu thereof may be brought at any time by one or more subscribers suffering loss through a violation of its conditions or by a receiver or liquidator of the insurer. Amounts recovered on the bond shall be deposited […]
33-5-305. Subscribers’ advisory committee — duties
33-5-305. Subscribers’ advisory committee — duties. (1) The advisory committee of a domestic reciprocal insurer exercising the subscribers’ rights shall be selected under such rules as the subscribers adopt. (2) Not less than two-thirds of such committee shall be subscribers other than the attorney or any person employed by, representing, or having a financial interest in the […]
33-5-301. Power of attorney
33-5-301. Power of attorney. (1) 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. (2) The power of attorney must set forth: (a) the powers of the attorney; (b) that the attorney is empowered to accept service of process on behalf of the […]
33-5-302. Modifications
33-5-302. Modifications. Modifications of the terms of the subscribers’ agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers’ advisory committee. No such modification shall be effective retroactively or as to any insurance contract issued prior thereto. History: En. Sec. 548, Ch. 286, L. 1959; […]
33-5-303. Attorney’s bond
33-5-303. Attorney’s bond. (1) Concurrently with the filing of the declaration provided for in 33-5-201, the attorney of a domestic reciprocal insurer shall file with the commissioner a bond in favor of this state for the benefit of all persons damaged as a result of breach by the attorney of the conditions of the attorney’s bond […]