A reciprocal insurer shall:

1. (1) Have and use a business name. The name shall include the word “reciprocal,” or “interinsurer,” or “interinsurance,” or “exchange,” or “underwriters,” or “underwriting,” or “association.”
2. (2) Sue and be sued in its own name.

(Added 1971, No. 31, § 1, eff. March 31, 1971; amended 1997, No. 49, § 2, eff. June 26, 1997.)