§ 26-24-115 — Membership in mutuals

(a) Each policyholder of a domestic mutual insurer, other
than a reinsurance contract, is a member of the insurer with all
rights and obligations of the membership, and the policy shall
so specify.
(b) Any person, government or governmental agency, state
or political subdivision thereof, public or private corporation,
board, association, firm, estate, trustee or fiduciary may be a
member of a domestic, foreign or alien mutual insurer. Any
officer, stockholder, trustee or legal representative of any
such corporation, board, association or estate may be recognized
as acting for or on its behalf for the purpose of the
membership, and is not personally liable upon any contract of
insurance for acting in that representative capacity.
(c) Any domestic corporation may participate as a member
of a mutual insurer as an incidental purpose for which the
corporation is organized, and as such is granted the rights and
powers expressly conferred.