For the purposes of this chapter, the following terms shall have the meanings respectively ascribed to them by this section.
- (1) RECIPROCAL INSURANCE. Insurance 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) RECIPROCAL INSURER. An unincorporated aggregation of subscribers operating individually and collectively through an attorney-in-fact to provide reciprocal insurance among themselves.
(Acts 1971, No. 407, p. 707, §§590, 591.)