40-1623. Definitions.
40-1623
40-1623. Definitions.As used in this act:
(a) "Attorney-in-fact" means theperson designated and authorized by subscribers as having authority to obligatethem on reciprocal insurance contracts.
(b) "Commissioner" means the commissioner of insurance.
(c) "Person" means any association, aggregate of individuals, business,company, corporation, individual, joint-stock company, Lloyds-type oforganization, organization, cooperative, partnership, receiver,trustee or society, with power to enter intocontractual undertakings within or without the state.
(d) "Reciprocal" means an aggregation of subscribers under a common name.
(e) "Reciprocal insurance" means insurance resulting from the mutual exchangeof insurance contracts among persons in an unincorporated association under acommon name through an attorney-in-fact having authority to obligate eachperson both as insured and insurer.
(f) "Subscriber" means a person obligated under a reciprocal insuranceagreement.
History: L. 2000, ch. 170, § 9; July 1.