Louisiana Revised Statutes 22:167 – Declaration of organization
Terms Used In Louisiana Revised Statutes 22:167
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- subscriber: means the participant or policyholder; "attorney-in-fact" means the representative of the subscribers through whom reciprocal insurance is exchanged; and "reciprocal insurer" means the organization or group of all the subscribers. See Louisiana Revised Statutes 22:161
The attorney-in-fact of subscribers who desire to form a reciprocal insurer under this Subpart shall sign and acknowledge, before an officer authorized to take acknowledgments, a declaration of organization setting forth:
(1) The name of the reciprocal insurer and the attorney-in-fact.
(2) The location of the insurer’s principal office, which shall be the same as that of the attorney-in-fact, and shall be maintained within this state.
(3) The kinds of insurance proposed to be transacted.
(4) The names and addresses of the officers and directors of the attorney-in-fact, if a corporation, or of its members, if a firm.
(5) The minimum and maximum liability of the subscriber for the payment of losses occurring under its policies.
(6) Any other lawful provisions deemed advisable.
Acts 1958, No. 125; Redesignated from La. Rev. Stat. 22:438 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
NOTE: Former La. Rev. Stat. 22:167 redesignated as La. Rev. Stat. 22:935 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.