"Reciprocal insurance" defined.

"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.

[1947 c 79 § .10.01; Rem. Supp. 1947 § 45.10.01.]