Indiana Code 27-1-35-5. “Controlled insurer” defined
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Terms Used In Indiana Code 27-1-35-5
- controlled: has the meaning set forth in IC 27-1-23-1. See Indiana Code 27-1-35-4
- insurer: means any person, firm, association, or corporation licensed to transact a property/casualty insurance business in Indiana. See Indiana Code 27-1-35-7
- 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, the person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation. See Indiana Code 27-1-35-8
Sec. 5. As used in this chapter, “controlled insurer” means a licensed insurer that is controlled, directly or indirectly, by a producer.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.