Louisiana Revised Statutes 22:179 – Subscribers’ account
Terms Used In Louisiana Revised Statutes 22:179
- 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.
- 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, in addition to the books of account of the reciprocal, shall keep and maintain a separate account for each individual subscriber, setting forth therein the date or periods of the subscriber’s participation in the exchange of insurance, the subscriber’s deposits, the savings returned to the subscriber and such other information as may be necessary for the determination of the subscriber’s proportionate share, if any, of the surplus funds of the reciprocal insurer in case of liquidation. The attorney-in-fact shall not be required to file a list of the subscribers with the commissioner of insurance.
Acts 1958, No. 125; Redesignated from La. Rev. Stat. 22:450 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
NOTE: Former La. Rev. Stat. 22:179 redesignated as La. Rev. Stat. 22:907 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.