A. As used in this title: “Reciprocal” means the aggregation of subscribers under a common name. “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.
B. As used in this chapter: “Attorney” means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. “Subscriber” means a person obligated under a reciprocal insurance agreement.