§ 15-14-733 — Insurance and annuities

(1) Unless the power of attorney
otherwise provides, language in a power of attorney granting general authority with
respect to insurance and annuities authorizes the agent to:

(a) Continue, pay the premium or make a contribution on, modify, exchange,
rescind, release, or terminate a contract procured by or on behalf of the principal
that insures or provides an annuity to either the principal or another person,
whether or not the principal is a beneficiary under the contract;

(b) Procure new, different, and additional contracts of insurance and
annuities for the principal and the principal's spouse, children, and other
dependents, select the amount, type of insurance or annuity, and mode of payment,
and designate a beneficiary that will be the estate of the principal;

(c) Pay the premium or make a contribution on, modify, exchange, rescind,
release, or terminate a contract of insurance or annuity procured by the agent;

(d) Apply for and receive a loan secured by a contract of insurance or
annuity;

(e) Surrender and receive the cash surrender value on a contract of
insurance or annuity;

(f) Exercise an election;

(g) Exercise investment powers available under a contract of insurance or
annuity;

(h) Change the manner of paying premiums on a contract of insurance or
annuity;

(i) Change or convert the type of insurance or annuity with respect to which
the principal has or claims to have authority described in this section;

(j) Apply for and procure a benefit or assistance under a statute or regulation
to guarantee or pay premiums of a contract of insurance on the life of the principal;

(k) Collect, sell, assign, hypothecate, borrow against, or pledge the interest
of the principal in a contract of insurance or annuity;

(l) Select the form and timing of the payment of proceeds from a contract of
insurance or annuity; and

(m) Pay, from proceeds or otherwise, compromise or contest, and apply for
refunds in connection with a tax or assessment levied by a taxing authority with
respect to a contract of insurance or annuity or its proceeds or liability accruing by
reason of the tax or assessment.

Legislative History

Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 404, � 1, effective April 9.