(a) The
following words and terms, when used in this subchapter, shall have the
following meanings, unless the context clearly indicates otherwise.
"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 NAIC.
"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 the New Jersey
Department of Banking and Insurance.
"Control" or "controlled" has the same meaning as defined at
N.J.S.A. 17:27A-1c.
"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.
"Department" means the New Jersey Department of Banking and
Insurance.
"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
N.J.S.A.
17:17-1.
"NAIC" means National Association of Insurance
Commissioners.
"Producer" means any person engaged in the business of an
insurance agent, insurance broker or insurance consultant as defined at
N.J.S.A.
17:22A-28.
"Producer-controlled" means controlled, directly or
indirectly, by a producer.
