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; (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.
Alaska Legal Code