(Section scheduled to be repealed on January 1, 2027) Sec. 67. Power of attorney. The power of attorney or other authority of the attorney-in-fact under which contracts of insurance are to be exchanged pursuant to this Article shall set forth (a) the address of the principal office of the attorney-in-fact; (b) that the attorney-in-fact is authorized to accept service of process on behalf of the reciprocal and to appoint the Director and his successor or successors in office the true and lawful attorney of such reciprocal for the service of process in actions upon contracts exchanged; (c) the amount to be deducted from advance deposits to be paid to the attorney-in-fact and the items of expense, in addition to losses, to be paid by the reciprocal; (d) a provision for a cash deposit; (e) except as provided in Section 75, a provision for a contingent several liability of each subscriber in an amount of not less than one nor more than ten times the cash deposit stated in the contract; and (f) such other provisions not inconsistent with law as may be deemed necessary or advisable. attorney-in-fact; service of process on behalf of the reciprocal and to appoint the Director and his successor or successors in office the true and lawful attorney of such reciprocal for the service of process in actions upon contracts exchanged; to be paid to the attorney-in-fact and the items of expense, in addition to losses, to be paid by the reciprocal; a contingent several liability of each subscriber in an amount of not less than one nor more than ten times the cash deposit stated in the contract; and as may be deemed necessary or advisable.
‹ Prev All Illinois sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.