15 U.S. Code § 8206 - Definitions
The term “admitted insurer” means, with respect to a State, an insurer licensed to engage in the business of insurance in such State.
The term “affiliate” means, with respect to an insured, any entity that controls, is controlled by, or is under common control with the insured.
The term “affiliated group” means any group of entities that are all affiliated.
If more than 1 insured from an affiliated group are named insureds on a single nonadmitted insurance contract, the term “home State” means the home State, as determined pursuant to subparagraph (A), of the member of the affiliated group that has the largest percentage of premium attributed to it under such insurance contract.
The term “independently procured insurance” means insurance procured directly by an insured from a nonadmitted insurer.
The term “NAIC” means the National Association of Insurance Commissioners or any successor entity.
The term “nonadmitted insurance” means any property and casualty insurance permitted to be placed directly or through a surplus lines broker with a nonadmitted insurer eligible to accept such insurance.
The term “Non-Admitted Insurance Model Act” means the provisions of the Non-Admitted Insurance Model Act, as adopted by the NAIC on August 3, 1994, and amended on September 30, 1996, December 6, 1997, October 2, 1999, and June 8, 2002.
The term “premium tax” means, with respect to surplus lines or independently procured insurance coverage, any tax, fee, assessment, or other charge imposed by a government entity directly or indirectly based on any payment made as consideration for an insurance contract for such insurance, including premium deposits, assessments, registration fees, and any other compensation given in consideration for a contract of insurance.
The term “reinsurance” means the assumption by an insurer of all or part of a risk undertaken originally by another insurer.
The term “surplus lines broker” means an individual, firm, or corporation which is licensed in a State to sell, solicit, or negotiate insurance on properties, risks, or exposures located or to be performed in a State with nonadmitted insurers.
The term “State” includes any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.
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