IN Code § 27-1-15.6-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 15.6. Insurance Producers|27-1-15.6-2. Definitions

Sec. 2. Except as otherwise provided in this section, the following definitions apply throughout this chapter, IC 27-1-15.7, and IC 27-1-15.8:(1) "Bureau" refers to the child support bureau established by IC 31-25-3-1.(2) "Business entity" means a corporation, an association, a partnership, a limited liability company, a limited liability partnership, or another legal entity.(3) "Commissioner" means the insurance commissioner appointed under IC 27-1-1-2.(4) "Consultant" means a person who:(A) holds himself or herself out to the public as being engaged in the business of offering; or(B) for a fee, offers;any advice, counsel, opinion, or service with respect to the benefits, advantages, or disadvantages promised under any policy of insurance that could be issued in Indiana.(5) "Delinquent" means the condition of being at least:(A) two thousand dollars ($2,000); or(B) three (3) months;past due in the payment of court ordered child support.(6) "Designated home state license" means a license issued by the commissioner to an insurance producer who:(A) maintains the insurance producer's principal place of residence or principal place of business in a state that does not license insurance producers for the line of authority for which the insurance producer seeks licensure in Indiana; and(B) is permitted by the commissioner to designate Indiana as the insurance producer's nonresident home state.(7) "FINRA" refers to the independent Financial Industry Regulatory Authority.(8) "Home state" means the District of Columbia or any state or territory of the United States in which an insurance producer:(A) maintains the insurance producer's principal place of residence or principal place of business; and(B) is licensed to act as an insurance producer.This subdivision does not apply to IC 27-1-15.8.(9) "Insurance producer" means a person required to be licensed under the laws of Indiana to sell, solicit, or negotiate insurance.(10) "License" means a document issued by the commissioner authorizing a person to act as an insurance producer for the lines of authority specified in the document. The license itself does not create any authority, actual, apparent, or inherent, in the holder to represent or commit an insurance carrier.(11) "Limited line credit insurance" includes the following:(A) Credit life insurance.(B) Credit disability insurance.(C) Credit property insurance.(D) Credit unemployment insurance.(E) Involuntary unemployment insurance.(F) Mortgage life insurance.(G) Mortgage guaranty insurance.(H) Mortgage disability insurance.(I) Guaranteed automobile protection (gap) insurance.(J) Any other form of insurance:(i) that is offered in connection with an extension of credit and is limited to partially or wholly extinguishing that credit obligation; and(ii) that the insurance commissioner determines should be designated a form of limited line credit insurance.(12) "Limited line credit insurance producer" means a person who sells, solicits, or negotiates one (1) or more forms of limited line credit insurance coverage to individuals through a master, corporate, group, or individual policy.(13) "Limited lines insurance" means any of the following:(A) The lines of insurance defined in section 18 of this chapter.(B) Any line of insurance the recognition of which is considered necessary by the commissioner for the purpose of complying with section 8(e) of this chapter.(C) For purposes of section 8(e) of this chapter, any form of insurance with respect to which authority is granted by a home state that restricts the authority granted by a limited lines producer's license to less than total authority in the associated major lines described in section 7(a)(1) through 7(a)(6) of this chapter.(14) "Limited lines producer" means a person authorized by the commissioner to sell, solicit, or negotiate limited lines insurance.(15) "Limited lines travel insurance producer" means a person designated by an insurer to sell, solicit, or negotiate a travel insurance policy. The term includes the following:(A) A managing general underwriter.(B) A managing general agent.(C) A limited lines producer.(16) "Negotiate" means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract, provided that the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers.(17) "Person" means an individual or a business entity.(18) "Sell" means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of a company.(19) "Solicit" means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company.(20) "Surplus lines producer" means a person who sells, solicits, negotiates, or procures from an insurance company not licensed to transact business in Indiana an insurance policy that cannot be procured from insurers licensed to do business in Indiana.(21) "Terminate" means:(A) the cancellation of the relationship between an insurance producer and the insurer; or(B) the termination of a producer's authority to transact insurance.(22) "Travel insurance" means insurance coverage for personal risks incident to planned travel, including the following:(A) Interruption or cancellation of a trip or an event.(B) Loss of baggage or personal effects.(C) Damage to accommodations or rental vehicles.(D) Sickness, accident, disability, or death that occurs during travel.The term does not include a major medical plan that provides comprehensive medical insurance for a traveler on a trip that lasts at least six (6) months, including a traveler who is an individual who works overseas as an expatriate or is deployed as a member of the military.(23) "Travel retailer" means a business entity that offers and delivers travel insurance on behalf of and under the direction of a limited lines travel insurance producer.As added by P.L.132-2001, SEC.3. Amended by P.L.182-2001, SEC.1; P.L.145-2006, SEC.163; P.L.11-2011, SEC.8; P.L.276-2013, SEC.12; P.L.146-2015, SEC.21; P.L.124-2018, SEC.34; P.L.208-2018, SEC.5.