For the purposes of this chapter, the following terms shall have the meanings respectively ascribed to them by this section:
- (1) STOCK INSURER. An incorporated insurer with capital divided into shares and owned by its stockholders.
- (2) DOMESTIC MUTUAL INSURER. An incorporated insurer without capital stock and the governing body of which is elected as provided in this chapter.
(Acts 1971, No. 407, p. 707, §§496, 497.)