Sec. 21.75.900. Definition.

91 words·~1 min read·/ak/title-21/chapter-75/21-75-900

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In this chapter,

(1)“material transaction” means a transaction, other than a claim payment, involving more than one-half of one percent of the reciprocal insurer's admitted assets as of December 31 of the prior year;

(2)“reciprocal insurance” is that resulting from an interexchange among persons, known as “subscribers,” of reciprocal agreements of indemnity, the interexchange being effectuated through an “attorney-in-fact” common to all such persons;

(3)“reciprocal insurer” means an unincorporated aggregation of subscribers operating individually and collectively through an attorney-in-fact to provide reciprocal insurance among themselves.