(Section scheduled to be repealed on January 1, 2027)

186 words·~1 min read·/il/chapter-215/act-5/1-236

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.