§6402. Definitions
As used in this Act, unless the context otherwise indicates, the following terms have the following meanings.
[PL 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.
[PL 1991, c. 828, §33 (NEW).]
2.
Broker.
[PL 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.
[PL 1991, c. 828, §33 (NEW).]
4.
Controlling producer.
"Controlling producer" means a producer who directly or indirectly controls an insurer.
[PL 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.
[PL 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.
[PL 2017, c. 169, Pt. E, §5 (RP).]
B.
A residual market pool or joint underwriting authority or association; or
[PL 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.
[PL 2017, c. 169, Pt. E, §5 (AMD).]
[PL 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.
[PL 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.
[PL 2017, c. 169, Pt. E, §7 (AMD).]
SECTION HISTORY
PL 1991, c. 828, §33 (NEW). PL 1997, c. 457, §53 (AMD). PL 1997, c. 457, §55 (AFF). PL 2017, c. 169, Pt. E, §§2-7 (AMD).