[ARTICLE11A]

BUSINESSTRANSACTED WITH PRODUCER CONTROLLED

PROPERTY/CASUALTYINSURER

 

§431:11A-101  Definitions.  For purposesof this article:

"Accredited state" means a state inwhich the insurance department or regulatory agency meets the minimum financialregulatory standards promulgated from time to time by the National Associationof Insurance Commissioners.

"Control" has the meaning ascribed insection 431:11-102.

"Controlled insurer" means a licensedinsurer which is  controlled, directly or indirectly, by a producer.

"Controlling producer" means aproducer who, directly or indirectly, controls an insurer.

"Licensed insurer" or"insurer" means any person, firm, association, or corporation dulylicensed to transact a property or casualty insurance business in this State. The following are not licensed insurers for the purposes of this article:

(1)  All risk retention groups as defined in theSuperfund Amendments Reauthorization Act of 1986, P.L. No. 99-499, 100 Stat.1613 (1986), and the Risk Retention Act, 15 U.S.C. section 3901 et seq. (1982and Supp. 1986), and chapter 431K;

(2)  All residual market pools and joint underwritingauthorities or associations; and

(3)  Captive insurers as defined in section431:19-101.

"Producer" means any person, firm,association, or corporation licensed pursuant to article 9A, when, for anycompensation, commission, or other thing of value, the 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 aninsured other than the person, firm, association, or corporation. [L 1992, c176, pt of §1; am L 2002, c 155, §78; am L 2003, c 212, §99]