83-59-3 - Definitions.
§ 83-59-3. Definitions.
As used in this chapter:
(a) "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 from time to time by the National Association of Insurance Commissioners (NAIC).
(b) "Commissioner" means the Commissioner of Insurance.
(c) "Control" or "controlled" has the meaning ascribed in Section 83-6-1.
(d) "Controlled insurer" means a licensed insurer which is controlled, directly or indirectly, by a producer.
(e) "Controlling producer" means a producer who, directly or indirectly, controls an insurer.
(f) "Licensed insurer" or "insurer" means any person, firm, association or corporation duly licensed to transact a property/casualty insurance business in this state. The following, inter alia, are not licensed insurers for the purposes of this chapter:
(i) All risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986, Public Law No. 99-499, 100 Stat. 1613 (1986) and the Risk Retention Act, 15 U.S.C.S. Section 3901 et seq. (1982 & Supp. 1986) and the State Risk Retention Act in Section 83-55-1 et seq.;
(ii) All residual market pools and joint underwriting authorities or associations;
(iii) All captive insurers that are insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations and/or group members and their affiliates; and
(iv) All insurers that are insurance companies owned by another organization whose property or casualty insurance policies are written only in conjunction with consumer loan contracts.
(g) "Producer" means an insurance broker or brokers or any other person, firm, association or corporation when, for any compensation, commission or other thing of value, such person, firm, association or corporation acts or aids in any manner in soliciting, negotiating or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association or corporation.
Sources: Laws, 1992, ch. 449, § 2, eff from and after July 1, 1992.