Vermont Statutes Title 8 Sec. 4838
Terms Used In Vermont Statutes Title 8 Sec. 4838
- Attorney: means the attorney-in-fact of a reciprocal insurer. See
- 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.
- 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
- 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
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 4838. Power of attorney
(a) 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. A valid power of attorney shall be in writing, executed by the subscriber, and duly executed by the attorney-in-fact.
(b) The power of attorney must set forth:
(1) the powers of the attorney;
(2) the general services to be performed by the attorney;
(3) the maximum amount to be deducted from advance premiums or deposits to be paid to the attorney and the general items of expense in addition to losses, to be paid by the insurer; and
(4) except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount.
(c) The power of attorney may:
(1) provide for the right of substitution of the attorney and revocation of the power of attorney and rights thereunder;
(2) impose such restrictions upon the exercise of the power as are agreed upon by the subscribers;
(3) provide for the exercise of any right reserved to the subscribers directly or through their advisory committee; and
(4) contain other lawful provisions deemed advisable.
(d) The terms of any power of attorney or agreement collateral thereto shall be reasonable and equitable, and no such power or agreement shall be used or be effective in this State until approved by the Commissioner. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 2009, No. 137 (Adj. Sess.), § 16, eff. May 29, 2010; 2013, No. 29, § 45, eff. May 13, 2013.)