Nevada Revised Statutes 694B.160 – Persons eligible to be subscribers
1. Individuals, partnerships and corporations of this state may make application, enter into an agreement for and hold policies or contracts in or with and be a subscriber of any domestic, foreign or alien reciprocal insurer. Any corporation organized under the laws of this state before, on or after January 1, 1972, in addition to the rights, powers and franchises specified in its articles of incorporation, has full power and authority as a subscriber to exchange insurance contracts through such a reciprocal insurer. The right to exchange such contracts is hereby declared to be incidental to the purposes for which such corporations are organized and to be as fully granted as the rights and powers expressly conferred upon such corporations.
Terms Used In Nevada Revised Statutes 694B.160
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Trustee: A person or institution holding and administering property in trust.
2. Government or governmental agencies, a state or political subdivisions thereof, boards, associations, estates, trustees or fiduciaries are authorized to exchange nonassessable reciprocal interinsurance contracts with each other and with individuals, partnerships and corporations to the same extent that individuals, partnerships and corporations are authorized in this chapter to exchange reciprocal interinsurance contracts.
3. Any officer, representative, trustee, receiver or legal representative of any such subscriber must be recognized as acting for or on its behalf for the purpose of such a contract but may not be personally liable upon the contract by reason of acting in such a representative capacity.