ARTICLE 2. Organization of Exchange [1300. - 1315.]
Article 2 enacted by Stats. 1935, Ch. 145.
§§ 1300–1315 · 16 sections
- § 1300 Any persons may exchange reciprocal or interinsurance contracts with one another providing insurance, other than life, title, mortgage, mortgage guaranty, or…
- § 1301 Such persons are termed subscribers.
- § 1302 Any domestic corporation, in addition to the rights, powers and franchises specified in its articles of incorporation, has full power and authority to enter…
- § 1303 The organization under which such subscribers so exchange contracts is termed a reciprocal or interinsurance exchange, and shall be deemed the insurer while…
- § 1305 Such contracts may be executed by an attorney-in-fact, agent or other representative duly authorized and acting for such subscribers under powers of attorney.…
- § 1306 The principal office of the attorney shall be maintained at a place designated by the subscribers in the power of attorney.
- § 1307 The power of attorney and contracts made thereunder may: (a) Provide for the right of substitution of attorney and revocation of the contract or power. (b)…
- § 1308 The body exercising the subscribers’ rights shall be selected under such rules as the subscribers adopt. It shall supervise the finances of the exchange and…
- § 1309 Such body shall have authority to procure the audit of the accounts and records of the exchange and of the attorney-in-fact, at the expense of the exchange.
- § 1310 Such body shall be composed of subscribers or agents of subscribers. Not more than one-third of the members serving on such body shall be agents, employees or…
- § 1310.1 The board of a reciprocal or interinsurance exchange operating pursuant to Section 1284 shall be composed of members of the governing board of the hospital,…
- § 1311 A reciprocal or interinsurance exchange may engage in the surety insurance business in this state only provided its surplus is at least twice the amount…
- § 1312 (a) Any reciprocal or interinsurance exchange, domestic or foreign, which has obtained a certificate of capability to reinsure or a favorable order under…
- § 1313 Nothing in Chapter 504 of the Statutes of 1965 shall limit or affect the right of an admitted foreign reciprocal or interinsurance exchange to accept…
- § 1314 Any reciprocal or interinsurance exchange, domestic or foreign, which has obtained a certificate of surplus under Section 1401, and whose subscribers by such…
- § 1315 A reciprocal exchange or interinsurance exchange may borrow money to defray the expenses of its organization, provide it with surplus funds, or for any purpose…