Section 382.400

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 382

Effective - 28 Aug 2009   

  382.400.  Definitions. — As used in sections 382.400 to 382.409, the following terms mean:

  (1)  "Accredited state", 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;

  (2)  "Control" or "controlled" has the meaning prescribed by section 382.010;

  (3)  "Controlled insurer", a licensed insurer which is controlled, directly or indirectly, by a producer;

  (4)  "Controlling producer", a producer who, directly or indirectly, controls an insurer;

  (5)  "Licensed insurer" or "insurer", any person, firm, association or corporation duly licensed to transact a property or casualty insurance business in this state.  The following are not licensed insurers for the purposes of sections 382.400 to 382.410^*:

  (a)  All risk retention groups as defined in the federal Superfund Amendments Reauthorization Act of 1986, as amended, and the federal Risk Retention Act, 15 U.S.C. Section 3901, et seq., as amended, and sections 375.1080 to 375.1105;

  (b)  All residual market pools and joint underwriting authorities or associations; and

  (c)  All captive insurers.  For the purposes of sections 382.400 to 382.410^*, "captive insurers" 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 group members and their affiliates;

  (6)  "Producer", an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, 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 an insurance contract on behalf of an insured other than the person, firm, association, or corporation.

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(L. 1992 H.B. 1574 § 7, A.L. 2009 H.B. 577)

*Section 382.410 was repealed by S.B. 613 Revision § A, 2007.