2006 Code of Virginia § 38.2-1341 - Definitions

38.2-1341. Definitions.

As used in this article:

"Accredited state" means a state in which the insurance department orregulatory agency responsible for administering the insurance laws of saidstate has qualified as meeting the minimum financial regulatory standardspromulgated and established from time to time by the National Association ofInsurance Commissioners' (NAIC) Financial Regulation Standards andAccreditation Program.

"Control" or "controlled" has the meaning ascribed in 38.2-1322.

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

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

"Foreign insurer" means any foreign or alien insurer licensed to transactthe business of insurance in this Commonwealth pursuant to 38.2-1024.

"Licensed insurer," "insurer" or "property and casualty insurer" meansany person, firm, association or corporation duly licensed under this titleto write policies or agreements providing any form of insurance as defined in 38.2-110 through 38.2-134. The following, inter alia, are not licensedinsurers for the purposes of this article:

1. All risk retention groups as defined in the Superfund AmendmentsReauthorization Act of 1986, Pub. L. No. 99-499, 100 Stat. 1613 (1986) andthe Risk Retention Act, 15 U.S.C. 3901 et seq. and 38.2-5101 of thistitle;

2. All residual market pools and joint underwriting authorities orassociations; and

3. Any insurer licensed as a captive insurer under Chapter 11 ( 38.2-1100 etseq.) and any foreign insurer which is either (i) an association captive or(ii) a pure captive. An "association captive" is an insurer whose exclusivepurpose is transacting the business of insurance and reinsurance only onrisks, hazards and liabilities of the members of an insurance associationcomprised of any group of individuals, corporations, partnerships,associations, or governmental units or agencies whose members collectivelyown, control, or hold with power to vote, all of the outstanding votingsecurities of the association insurer. A "pure captive" is an insurer whoseexclusive purpose is transacting the business of insurance and reinsuranceonly on risks, hazards, and liabilities of its parent, subsidiary companiesof its parent, and associated and affiliated companies.

"Producer" means:

1. Any insurance agent subject to licensure pursuant to the provisions ofChapter 18 ( 38.2-1800 et seq.) of this title, or any managing general agentor reinsurance intermediary subject to licensure pursuant to the provisionsof this chapter; or

2. Any person subject to substantially similar licensure provisions ofanother state when, for any compensation, commission or other thing of value,such agent, intermediary or person acts on behalf of an insured other thanthe agent, intermediary or person, or aids in any manner, in selling,soliciting, or negotiating the making of any contract of insurance in whichthe insured, owner and beneficiary are other than the agent, intermediary orperson.

(1993, c. 158; 2001, c. 706.)