In this chapter,

(1) “material transaction” means a transaction, other than a claim payment, involving more than one-half of one percent of the reciprocal insurer’s admitted assets as of December 31 of the prior year;

Terms Used In Alaska Statutes 21.75.900

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
(2) “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;
(3) “reciprocal insurer” means an unincorporated aggregation of subscribers operating individually and collectively through an attorney-in-fact to provide reciprocal insurance among themselves.
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