INCORPORATION AND POWERS OF INSURANCE COMPANIES
I. The officers of an insurer who is subject to the provisions of this chapter shall consist of a president, a clerk or secretary who shall be the agent for service of process, and a treasurer, each of whom shall be elected by the board of directors at a time and in a manner as may be prescribed by the bylaws. Such other officers and assistant officers and agents as may be deemed necessary may be elected or appointed by the board of directors or chosen in such other manner as may be prescribed by the bylaws. Any 2 or more offices may be held by the same person.
II. All officers and agents of the insurer, as between themselves and the insurer, shall have the authority to perform the duties in the management of the insurer as may be provided in the bylaws, or as may be determined by resolution of the board of directors not inconsistent with the bylaws.
Source. 1983, 15:10, eff. April 6, 1983.