Texas Insurance Code 964.105 – Attorney in Fact Powers and Duties
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(a) The attorney in fact of a captive exchange shall:
(1) supervise the finances of the captive exchange;
(2) supervise the captive exchange’s operations to ensure the captive exchange’s conformity with the captive exchange’s subscriber declaration and power of attorney; and
(3) obtain, as necessary, an audit of the account and records of the attorney in fact at the expense of the captive exchange.
(b) The attorney in fact of a captive exchange has any additional powers and duties conferred by the captive exchange’s subscriber declaration and power of attorney.
Terms Used In Texas Insurance Code 964.105
- 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