33-5-402. Contributions to insurer
33-5-402. Contributions to insurer. The attorney or other parties may advance to a domestic reciprocal insurer upon reasonable terms funds that it may require from time to time in its operations. Sums advanced may not be treated as a liability of the insurer. Except upon liquidation of the insurer, during any calendar year, the total of […]
33-5-403. Financial condition — method of determining
33-5-403. Financial condition — method of determining. In determining the financial condition of a reciprocal insurer the commissioner shall apply the following rules: (1) The commissioner shall charge as liabilities the same reserves that are required of incorporated insurers issuing nonassessable policies on a reserve basis. (2) The surplus deposits of subscribers must be allowed as assets, except […]
33-5-201. Organization of reciprocal insurer
33-5-201. Organization of reciprocal insurer. (1) (a) Twenty-five or more persons domiciled in this state may organize a domestic reciprocal insurer and apply to the commissioner for a certificate of authority to transact insurance. (b) Eight or more employers with a total of more than 500 employees may organize a domestic reciprocal insurer and apply to the commissioner […]
33-5-101. Scope of chapter — existing insurers
33-5-101. Scope of chapter — existing insurers. (1) All authorized reciprocal insurers shall be governed by those sections of this chapter not expressly made applicable to domestic reciprocals. (2) Existing authorized reciprocal insurers shall after January 1, 1961, comply with the provisions of this chapter and shall make such amendments to their subscribers’ agreement, power of attorney, […]
33-5-102. Definitions
33-5-102. Definitions. (1) “Reciprocal insurance” is that resulting from an interexchange among persons, known as “subscribers”, of reciprocal agreements of indemnity, the interexchange being effectuated through an attorney-in-fact common to all such persons. (2) A “reciprocal insurer” means an unincorporated aggregation of subscribers operating individually and collectively through an attorney-in-fact to provide reciprocal insurance among themselves. History: En. […]
33-5-103. Name — suits
33-5-103. Name — suits. A reciprocal insurer shall: (1) have and use a business name. The name shall include the word “reciprocal”, “interinsurer”, “interinsurance”, “exchange”, “underwriters”, or “underwriting”. (2) sue and be sued in its own name. History: En. Sec. 542, Ch. 286, L. 1959; R.C.M. 1947, 40-5005.
33-5-104. Attorney — not doing business
33-5-104. Attorney — not doing business. (1) “Attorney”, as used in this chapter, refers to the attorney-in-fact of a reciprocal insurer. The attorney may be an individual, firm, or corporation. (2) The attorney of a foreign or alien reciprocal insurer, which insurer is duly authorized to transact insurance in this state, shall not, by virtue of discharge […]