Reciprocal or Inter-Insurance Contract Law and Legal Definition

The Texas reciprocal insurance exchange statute defines a "reciprocal or inter-insurance contract" as "an insurance policy or other contract that provides indemnity among a group of subscribers for certain losses," and the statute provides that such a contract may be executed by an attorney in fact appointed by the subscribers of an exchange, True v. Robles, 571 F.3d 412, 415 (5th Cir. Tex. 2009)