§ 58-15-5. Definitions. - North Carolina Statutes

§58‑15‑5.  Definitions.

As used in this Article:

(1)        "Attorney"means the person designated and authorized by subscribers as the attorney‑in‑facthaving authority to obligate them on reciprocal and other insurance contracts.

(2)        "License"means a license to transact the business of insurance in this State, issued bythe Commissioner.

(3)        In addition to themeaning of the term as defined in G.S. 12‑3(6) and G.S. 58‑1‑5(9),"person" means any county, city, school board, hospital authority, orany other local governmental authority or local agency or public servicecorporation owned, operated or controlled by a local government or localgovernment authority, that has the power to enter into contractual undertakingswithin or without the State.

(4)        "Reciprocal"means an aggregation of subscribers under a common name.

(5)        "Reciprocalinsurance" means insurance resulting from the mutual exchange of insurancecontracts among persons in an unincorporated association under a common namethrough an attorney‑in‑fact having authority to obligate eachperson 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.)