which comes into existence by a charter from the state and is separate from the individuals who own it, and whose existence and internal organization is not premised on contracts between its owners, see 15 Tex. Jur.3d Corporations § 1. There is thus a certain amount of direct accountability inherent in the reciprocal form that is not present in the corporate form because of the direct individual duties created by the contracts that are the foundation of a reciprocal insurance exchange. Specifically, the attorney in fact that lies at the center of the reciprocal form owes fiduciary duties to each subscriber under the power of attorney agreements executed by each subscriber as a precondition of membership. See Physicians, Surgeons and Hosps. Profl Servs., Inc., 2002 WL 1727396, at *3 (<HOLDING>). However, the fact that certain foundational
holding that a principal is bound by a contract entered into by the principals agent on her behalf if the agent had authority to bind the principal holding that an agent owes a fiduciary duty to his principal holding that unless that power is restricted by the principal an agent under a california statutory healthcare power of attorney has the power to execute applicable admission forms including arbitration agreements holding that a reciprocal insurance exchange and a subscriber were in an existing fiduciary relationship of principal and agent because of the power of attorney granted by the subscriber holding a power of attorney allows a principal to convey to an agent the authority to act on its behalf in identified matters