As used in the Insurance Code, "reciprocal" insurance is that resulting from an interchange among persons, known as "subscribers," of reciprocal agreements of indemnity, the interchange being effectuated through an attorney-in-fact common to all such persons.
History: Laws 1984, ch. 127, § 658.
Cross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 77 to 83.
Structure New Mexico Statutes
Article 39 - Reciprocal Insurers
Section 59A-39-1 - "Reciprocal" insurance defined.
Section 59A-39-2 - Scope of chapter; existing insurers.
Section 59A-39-3 - Insuring powers of reciprocals.
Section 59A-39-4 - Name; suits.
Section 59A-39-6 - Organization of reciprocal insurer.
Section 59A-39-7 - Certificate of authority.
Section 59A-39-8 - Power of attorney.
Section 59A-39-9 - Modifications.
Section 59A-39-10 - Attorney's bond.
Section 59A-39-11 - Deposit in lieu of bond.
Section 59A-39-12 - Action on bond.
Section 59A-39-13 - Service of process; judgment.
Section 59A-39-14 - Contributions to insurer.
Section 59A-39-15 - Financial condition; method of determining.
Section 59A-39-16 - Who may be subscribers.
Section 59A-39-17 - Subscribers' advisory committee.
Section 59A-39-18 - Subscribers' liability.
Section 59A-39-19 - Subscribers' liability on judgment.
Section 59A-39-20 - Assessments.
Section 59A-39-21 - Time limit for assessments.
Section 59A-39-22 - Aggregate liability.
Section 59A-39-23 - Nonassessable policies.
Section 59A-39-24 - Subscribers' share in assets.