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Session Laws, 1963
Volume 671, Page 1127   View pdf image (33K)
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J. MILLARD TAWES, Governor                     1129

and shall make such amendments to their subscribers' agreement,
power of attorney, policies and other documents and accounts and
perform such other acts as may be required for such compliance.

277.    "Reciprocal" Insurance Defined.

"Reciprocal" insurance is that resulting from an interexchange
among persons, known as "subscribers," of reciprocal agreements of
indemnity, the inter insurance being effectuated through an "attor-
ney-in-fact" common to all such persons.

278.    "Reciprocal Insurer" Defined.

A "reciprocal insurer" means an unincorporated aggregation of
subscribers operating individually and collectively through an attor-
ney-in-fact to provide reciprocal insurance among themselves.

279.    Insuring Powers of Reciprocals.

(a)   A reciprocal insurer may, upon qualification according to the
provisions of this article, engage in any kind or kinds of insurance
business, as defined by this article, excepting life and health insur-
ance other than as supplementary coverage in a policy of liability

(b)   Such an insurer may purchase reinsurance, and may grant
reinsurance as to any kind of insurance business in which it is
authorized to engage.

280.    Name, Suits.

A reciprocal insurer shall:

(a)   Have and use a business name. The name shall include the
word "Reciprocal", or "Interinsurer", or "Interinsurance", or "Ex-
change", or "Underwriters", or "Underwriting".

(b)   Sue and be sued in its own name.

281.    Attorney.

(a)   "Attorney", as used in this subtitle, refers to the attorney-in-
fact of a reciprocal insurer. The attorney may be an individual, firm
or corporation.

(b)   The attorney of a foreign or alien reciprocal insurer, which
insurer is duly authorized to engage in the insurance business in
this State, shall not, by virtue of discharge of its duties as such
attorney with respect to the insurer's transactions in this State, be
thereby deemed to be doing business in this State within the mean-
ing of any laws of this State applying to foreign firms or corpo-

282.    Surplus Funds Required.

(a) A reciprocal insurer may be authorized to engage in the
insurance business, if it is otherwise in compliance with the appli-
cable provisions of this article, and has surplus funds of not less
than the amounts required by the provisions of section 48, if writ-
ing nonassessable policies, and section 253, if writing assessable


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Session Laws, 1963
Volume 671, Page 1127   View pdf image (33K)
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