Section 6402 - DefinitionsAs used in this Act, unless the context otherwise indicates, the following terms have the following meanings. [1991, c. 828, §33(NEW).]
1.Accredited state. "Accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established by the National Association of Insurance Commissioners. [1991, c. 828, §33(NEW).]
2.Broker.[2017, c. 169, Pt. E, §2(RP).]
3.Control or controlled. "Control" or "controlled" has the same meaning as set out in section 222, subsection 2, paragraph B. [1991, c. 828, §33(NEW).]
4.Controlling producer. "Controlling producer" means a producer who directly or indirectly controls an insurer. [2017, c. 169, Pt. E, §3(AMD).]
5.Controlled insurer. "Controlled insurer" means a licensed property or casualty insurer that is controlled directly or indirectly by a producer. [2017, c. 169, Pt. E, §4(AMD).]
6.Licensed property or casualty insurer. "Licensed property or casualty insurer" means any person licensed to transact a property or casualty insurance business, or both, in this State with the exception of:A. [2017, c. 169, Pt. E, §5(RP).]B. A residual market pool or joint underwriting authority or association; or [2017, c. 169, Pt. E, §5(AMD).]C. A special purpose reinsurance vehicle holding a limited certificate of authority under section 782 or a captive insurance company, other than a risk retention group, licensed under section 6702. [2017, c. 169, Pt. E, §5(AMD).] [2017, c. 169, Pt. E, §5(AMD).]
7.Producer. "Producer" means an insurance producer licensed or required to be licensed pursuant to chapter 16 or a person holding or required to hold a comparable license in another state where a licensed property or casualty insurer does business. [2017, c. 169, Pt. E, §6(AMD).]
8.Subproducer. "Subproducer" means a producer who, for shared commission or other recompense, places business with a controlled insurer through a controlling producer. [2017, c. 169, Pt. E, §7(AMD).]
Amended by 2017, c. 169,§ E-2 to § E-7, eff. 11/1/2017.1991, c. 828, § 33 (NEW) . 1997, c. 457, § 53 (AMD) . 1997, c. 457, § 55 (AFF) .