Oklahoma § 36-1672 - Definitions

§ 36-1672. Definitions

As used in the Business Transacted with Producer Controlled

Insurer Act:

1. "Accredited State" means 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

(NAIC);

2. "Control" or "Controlled" has the meaning ascribed in

subsection (c) of Section 1651 of Title 36 of the Oklahoma Statutes;

3. "Controlled Insurer" means a licensed insurer which is

controlled, directly or indirectly, by a producer;

4. "Controlling Producer" means a producer who, directly or

indirectly, controls an insurer;

5. "Licensed Insurer" or "Insurer" means any person, firm,

association or corporation duly licensed to transact a

property/casualty insurance business in this state. The following,

inter alia, are not licensed insurers for the purposes of this act:

a.

all risk retention groups as defined in the Superfund

Amendments Reauthorization Act of 1986, Pub. L. No.

99-499,100 Stat. 1613 (1986) and the Risk Retention

Act, 15 U.S.C. Section 3901 et seq. (1982 & Supp.

1986) and Section 6451 et seq. of Title 36 of the

Oklahoma Statutes,

b.

all residual market pools and joint underwriting

authorities or associations, and

c.

all captive insurers. For the purposes of the

Business Transacted with Producer Controlled Insurer

Act, 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/or group members and their

affiliates; and

6. "Producer" means an insurance broker or brokers or any other

person, firm, association or corporation, when, for any

compensation, commission or other thing of value, such person, firm,

association or corporation acts or aids in any manner in soliciting,

negotiating or procuring the making of any insurance contract on

Oklahoma Statutes - Title 36. Insurance

behalf of an insured other than the person, firm, association or

corporation.

Added by Laws 1992, c. 178, § 14, eff. Sept. 1, 1992.