38.2-1201 - Definitions. - Virginia Statutes

§ 38.2-1201. Definitions.

A. As used in this title:

"Reciprocal" means the aggregation of subscribers under a common name.

"Reciprocal insurance" means insurance resulting from the mutual exchangeof insurance contracts among persons in an unincorporated association under acommon name through an attorney-in-fact having authority to obligate eachperson both as insured and insurer.

B. As used in this chapter:

"Attorney" means the person designated and authorized by subscribers as theattorney-in-fact having authority to obligate them on reciprocal insurancecontracts.

"Subscriber" means a person obligated under a reciprocal insuranceagreement.

(1952, c. 317, § 38.1-689; 1986, c. 562.)