Power of attorney.

(1) The rights and powers of the attorney in fact of a reciprocal insurer are as provided in the power of attorney given it by the subscribers.

(2) The power of attorney must set forth all of the following:

(a) The powers of the attorney in fact.

(b) That the attorney in fact is empowered to accept service of process on behalf of the insurer in actions against the insurer upon contracts exchanged.

(c) The place where the office of the attorney in fact is maintained.

(d) The general services to be performed by the attorney in fact.

(e) That the attorney in fact has a fiduciary duty to the subscribers of the reciprocal insurer.

(f) The maximum amount to be deducted from advance premiums or deposits to be paid to the attorney in fact and the general items of expense in addition to losses to be paid by the insurer.

(g) Except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount, which amount may not be less than 5 nor more than 10 times the premium or premium deposit stated in the policy.

(3) The power of attorney may:

(a) Provide for the right of substitution of the attorney in fact and revocation of the power of attorney and rights thereunder.

(b) Impose such restrictions upon the exercise of the power as are agreed upon by the subscribers.

(c) Provide for the exercise of any right reserved to the subscribers directly or through their advisory committee.

(4) The power of attorney must contain other lawful provisions deemed advisable.

(5) The terms of any power of attorney or agreement collateral thereto must be reasonable and equitable, and such power or agreement may not be used or be effective in this state unless filed with the office.