New Jersey Statutes 17:22D-1. Definitions
Terms Used In New Jersey Statutes 17:22D-1
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
“Accredited state” means a state in which the insurance department or other 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.
“Captive insurer” means an insurance company 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 or group members and their affiliates.
“Commissioner” means the Commissioner of Insurance.
“Control” or “controlled” has the same meaning as defined in section 1 of P.L.1970, c.22 (C. 17:27A-1).
“Controlled insurer” means a licensed insurer which is controlled, directly or indirectly, by a producer.
“Controlling producer” means a producer who, directly or indirectly, controls an insurer.
“Licensed insurer” or “insurer” means any corporation, association, partnership, reciprocal exchange, interinsurer, Lloyd’s insurer, or other person engaged in the business of insurance pursuant to Subtitle 3 of Title 17 of the Revised Statutes.
“Producer” means any person engaged in the business of an insurance agent, insurance broker or insurance consultant as defined in section 2 of P.L.1987, c.293 (C. 17:22A-2).
L.1993,c.239,s.1.