58-34-21. Power of attorney--Form and contents.
138 words·~1 min read·
/sd/title-58/chapter-58-34/58-34-21·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The power of attorney described in § 58-34-20 must set forth:
(1)The powers of the attorney;
(2)That the attorney is empowered to accept service of process on behalf of the insurer and to authorize the director to receive service of process in actions against the insurer upon contracts exchanged;
(3)The general services to be performed by the attorney;
(4)The maximum amount to be deducted from advanced 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
(5)Except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount which amount shall be not less than one nor more than ten times the premium or premium deposit stated in the policy.