2013 New York Consolidated Laws
ISC - Insurance
Article 61 - (6101 - 6116) RECIPROCAL INSURERS AND LLOYDS UNDERWRITERS
6101 - Definitions.

 
    § 6101. Definitions. In this article:
    (a)  "Advisory  committee"  means  any official body, by whatever name
  called, which is chosen by the subscribers of a reciprocal  insurer  and
  which  has,  subject  to  the  articles  of  association and subscribers
  agreement, ultimate power  and  responsibility  in  the  management  and
  control of the affairs of a reciprocal insurer.
    (b)  "Attorney-in-fact"  means  a  person  designated and appointed by
  subscribers to a reciprocal insurer to act for and bind the  subscribers
  in  all  transactions  relating to or arising out of the operations of a
  reciprocal insurer, subject to limitations as may be lawfully provided.
    (c) "Books, accounts and records" means all working  papers,  ledgers,
  and  other  relevant  documents  which demonstrate, disclose and support
  transactions of  the  reciprocal  and  each  individual  subscriber,  as
  distinguished  from  the  attorney-in-fact,  and  which  relate  to  the
  operations and activities of the reciprocal. The phrase "books, accounts
  and records" shall not mean or include working papers, ledgers, or other
  relevant  documents  which  relate  exclusively  to  the  operation  and
  activities of the attorney-in-fact as a separate entity.
    (d)  "Financial  interest"  means  that  a  person  owns,  directly or
  indirectly, more than one  percent  of  the  outstanding  stock  in  the
  attorney-in-fact,  has  any outstanding loans from the attorney-in-fact,
  or earns a commission or  other  compensation  as  a  producer  for  the
  reciprocal.
    (e)  "Material  transaction"  means  a  transaction,  other than claim
  payments, that involves  more  than  one-half  of  one  percent  of  the
  reciprocal's  admitted  assets as of the thirty-first day of December of
  the prior year.
    (f) "Person" means  an  individual,  partnership,  firm,  association,
  corporation, not-for-profit corporation, joint-stock company, trust, any
  similar entity, or any combination of the foregoing acting in concert.
    (g)  "Subscriber"  means  a  person  who  has  become  a  member  of a
  reciprocal through the execution of a subscriber's agreement.
    (h)  "Subscriber's  agreement"  means  a  document  executed  by   the
  subscriber  which  designates and appoints, through a power of attorney,
  the  attorney-in-fact  and,  either  within  the  agreement  or  via   a
  management  agreement  or an appended set of bylaws, that sets forth the
  duties of the attorney-in-fact.