{"data":{"id":"us-ky/krs-304.27-080","jurisdiction":"us-ky","citation":"KRS 304.27-080","heading":"Power of attorney.","body":"(1) The rights and powers of attorney of a reciprocal insurer shall be as provided in the\npower of attorney given it by the subscribers.\n(2) The power of attorney must set forth:\n(a) The powers, duties and compensation of the attorney;\n(b) That the attorney is  empowered to accept service of process on behalf of the\ninsurer in actions against the insurer upon contracts exchanged;\n(c) The general services to be performed by the attorney;\n(d) The maximum amount to be deducted from advance premiums or deposits to\nbe paid to the attorney and the general items of expense in addition to losses,\nto be paid by the insurer; and\n(e) Except as to nonassessable policies, a provision for a contingent several\nliability of each subscriber in a specified amount which amount shal l be not\nless than one (1) nor more than ten (10) times the premium or premium\ndeposit stated in the policy.\n(3) The power of attorney may:\n(a) Provide for the right of substitution of the attorney and revocation of the\npower of attorney and rights thereunder;\n(b) Impose such restrictions upon the exercise of the power as are agreed upon by\nthe subscribers;\n(c) Provide for the exercise of any right reserved to the subscribers directly or\nthrough their advisory committee; and\n(d) Contain other lawful provisions deemed advisable.\n(4) The terms of any power of attorney or agreement collateral thereto shall be\nreasonable and equitable, and no such power or agreement, or any amendment\nthereof, shall be used or be effective in this state until approved by the\ncommissioner.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29616","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:52Z","sha256":"48319b97f7a164d58109aa46f33e80bb546855b662d33794f2b39c5798b8f476","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.27-070","next":"us-ky/krs-304.27-090"},"notice":"GroundRules: Original legal text. Not legal advice."}