N.C. Gen. Stat. § 58-15-5
Definitions
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
As used in this Article:
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.
(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.
(2) "License" means a license to transact the business of insurance in this State, issued by the Commissioner.
(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 G.S. 12-3(6) and G.S. 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.
(3) In addition to the meaning 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, 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.
(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.
(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.
(6) “Subscriber” means a person obligated under a reciprocal insurance agreement.
History
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.