North Carolina General Statutes 58-15-5. Definitions
As used in this Article:
(1) “Attorney” means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal and other insurance contracts.
Terms Used In North Carolina General Statutes 58-15-5
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- 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.
- License: means a license to transact the business of insurance in this State, issued by the Commissioner. See North Carolina General Statutes 58-15-5
- person: means any county, city, school board, hospital authority, or any other local governmental authority or local agency or public service corporation owned, operated or controlled by a local government or local government authority, that has the power to enter into contractual undertakings within or without the State. See North Carolina General Statutes 58-15-5
- Reciprocal: means an aggregation of subscribers under a common name. See North Carolina General Statutes 58-15-5
- 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. See North Carolina General Statutes 58-15-5
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(2) “License” means a license to transact the business of insurance in this State, issued by the Commissioner.
(3) In addition to the meaning of the term as defined in N.C. Gen. Stat. § 12-3(6) and N.C. Gen. Stat. § 58-1-5(9), “person” means any county, city, school board, hospital authority, or any other local governmental authority or local agency or public service corporation owned, operated or controlled by a local government or local government authority, that has the power to enter into contractual undertakings within or without the State.
(4) “Reciprocal” means an aggregation of subscribers under a common name.
(5) “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.
(6) “Subscriber” means a person obligated under a reciprocal insurance agreement. (1989, c. 425, s. 1; 1991, c. 720, s. 15; 1999-132, s. 9.1.)