Florida Statutes 629.101 – Power of attorney
Current as of: 2024 | Check for updates
|
Other versions
(1) The rights and powers of the attorney in fact of a reciprocal insurer are as provided in the power of attorney given it by the subscribers.
(2) The power of attorney must set forth all of the following:
(a) The powers of the attorney in fact.
Terms Used In Florida Statutes 629.101
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fiduciary: A trustee, executor, or administrator.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Service of process: The service of writs or summonses to the appropriate party.
(b) That the attorney in fact is empowered to accept service of process on behalf of the insurer in actions against the insurer upon contracts exchanged.
(c) The place where the office of the attorney in fact is maintained.
(d) The general services to be performed by the attorney in fact.
(e) That the attorney in fact has a fiduciary duty to the subscribers of the reciprocal insurer.
(f) The maximum amount to be deducted from advance premiums or deposits to be paid to the attorney in fact and the general items of expense in addition to losses to be paid by the insurer.
(g) Except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount, which amount may not be less than 5 nor more than 10 times the premium or premium deposit stated in the policy.
(3) The power of attorney may:
(a) Provide for the right of substitution of the attorney in fact and revocation of the power of attorney and rights thereunder.
(b) Impose such restrictions upon the exercise of the power as are agreed upon by the subscribers.
(c) Provide for the exercise of any right reserved to the subscribers directly or through their advisory committee.
(4) The power of attorney must contain other lawful provisions deemed advisable.
(5) The terms of any power of attorney or agreement collateral thereto must be reasonable and equitable, and such power or agreement may not be used or be effective in this state unless filed with the office.