As used in this act:
- (a) "Attorney-in-fact" means the person designated and authorized by subscribers as having authority to obligate them 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 of organization, organization, cooperative, partnership, receiver, trustee or society, with power to enter into contractual 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 exchange of insurance contracts among persons in an unincorporated association under a common name through an attorney-in-fact having authority to obligate each person both as insured and insurer.
- (f) "Subscriber" means a person obligated under a reciprocal insurance agreement.
L. 2000, ch. 170, § 9; July 1.