33-5-102. Definitions.
57 words·~1 min read·
/mt/title-33/chapter-5/part-1/33-5-102·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33-5-102 . Definitions.
(1)"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.
(2)A "reciprocal insurer" means an unincorporated aggregation of subscribers operating individually and collectively through an attorney-in-fact to provide reciprocal insurance among themselves.