17:22D-1 - Definitions - New Jersey Statutes

17:22D-1.    Definitions 
    1.   For purposes of this act:

   "Accredited state" means a state in which the insurance department or other 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. 

   "Captive insurer" means an insurance company 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 or group members and their affiliates. 

   "Commissioner" means the Commissioner of Insurance.

   "Control" or "controlled" has the same meaning as defined in section 1 of P.L.1970, c.22 (C.17:27A-1). 

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

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

   "Licensed insurer" or "insurer" means any corporation, association, partnership, reciprocal exchange, interinsurer, Lloyd's insurer, or other person engaged in the business of insurance pursuant to Subtitle 3 of Title 17 of the Revised Statutes. 

   "Producer" means any person engaged in the business of an insurance agent, insurance broker or insurance consultant as defined in section 2 of P.L.1987, c.293 (C.17:22A-2). 

   L.1993,c.239,s.1.