(a) Attorney in fact.
  (1) Wherein the terms "attorney in fact" and "actual attorney in fact" are used in the statutes or State Board of Insurance rules, they are synonymous.
  (2) An attorney in fact has total authority to operate the Lloyd's plan company acting pursuant to authorization from the underwriters of the Lloyd's plan company under power of attorney.
  (3) An attorney in fact need not be licensed by the State Board of Insurance as an agent pursuant to the Insurance Code, Article 21.14.
(b) Deputy attorney in fact.
  (1) A deputy attorney in fact possesses some, but not all, of the powers of the attorney in fact as delegated by the attorney in fact. A deputy attorney in fact may be compensated for services rendered to the Lloyd's plan company.
  (2) A deputy attorney in fact who, directly or indirectly, solicits, writes, signs, executes, or delivers any policy or certificate of insurance, or accepts premiums or binds the Lloyd's plan company on any policy or certificate of insurance must have an agent's license pursuant to the Insurance Code, Article 21.14.

Source Note: The provisions of this §13.202 adopted to be effective March 1, 1985, 10 TexReg 578.