A reciprocal insurer shall:
(1) Have and use a business name. The name shall include the word "reciprocal," or "interinsurer," or "interinsurance," or "exchange," or "underwriters," or "underwriting."
(2) Sue and be sued in its own name.
[1947 c 79 s .10.06; Rem. Supp. 1947 s 45.10.06.]