Illinois Compiled Statutes 215 ILCS 107/5.35 – Producer
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Terms Used In Illinois Compiled Statutes 215 ILCS 107/5.35
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
“Producer” means any person, firm, association, or corporation that for compensation, commission, or other thing of value acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of another.