(a) A reciprocal insurer shall (1) have and use a business name; the name must include the word “reciprocal” or “interinsurer” or “exchange” or “underwriters” or “underwriting” or “association”;
(2) sue and be sued in its own name.
(b) In addition to the requirements of (a) of this section, a cooperative insurer organized under AS 21.75.300 — 21.75.330 shall include the word “cooperative” in its name.