                                 CODE OF VIRGINIA

DEFINITIONS (§ 38.2-1341)

As used in this article:
		&#8220;Accredited state&#8221; means a state in which the insurance department
or regulatory agency responsible for administering the insurance laws of said
state has qualified as meeting the minimum financial regulatory standards
promulgated and established from time to time by the National Association of
Insurance Commissioners&#8217; (NAIC) Financial Regulation Standards and
Accreditation Program.
		&#8220;Control&#8221; or &#8220;controlled&#8221; has the meaning ascribed in
§ 38.2-1322.
		&#8220;Controlled insurer&#8221; means a licensed insurer which is controlled,
directly or indirectly, by a producer.
		&#8220;Controlling producer&#8221; means a producer who, directly or
indirectly, controls an insurer.
		&#8220;Foreign insurer&#8221; means any foreign or alien insurer licensed to
transact the business of insurance in this Commonwealth pursuant to §
38.2-1024.
		&#8220;Licensed insurer,&#8221; &#8220;insurer&#8221; or &#8220;property and
casualty insurer&#8221; means any person, firm, association or corporation duly
licensed under this title to write policies or agreements providing any form of
insurance as defined in §§ 38.2-110 through 38.2-134. The following, inter
alia, are not licensed insurers for the purposes of this article:

1. 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. &#xA7; 3901 et seq. and &#xA7; 38.2-5101 of this
title;

2. All residual market pools and joint underwriting authorities or associations;
and

3. Any insurer licensed as a captive insurer under Chapter 11 (&#xA7; 38.2-1100
et seq.) and any foreign insurer which is either (i) an association captive or
(ii) a pure captive. An &#8220;association captive&#8221; is an insurer whose
exclusive purpose is transacting the business of insurance and reinsurance only
on risks, hazards and liabilities of the members of an insurance association
comprised of any group of individuals, corporations, partnerships, associations,
or governmental units or agencies whose members collectively own, control, or
hold with power to vote, all of the outstanding voting securities of the
association insurer. A &#8220;pure captive&#8221; is an insurer whose exclusive
purpose is transacting the business of insurance and reinsurance only on risks,
hazards, and liabilities of its parent, subsidiary companies of its parent, and
associated and affiliated companies.
			&#8220;Producer&#8221; means:

1. Any insurance agent subject to licensure pursuant to the provisions of
Chapter 18 (&#xA7; 38.2-1800 et seq.) of this title, or any managing general
agent or reinsurance intermediary subject to licensure pursuant to the
provisions of this chapter; or

2. Any person subject to substantially similar licensure provisions of another
state when, for any compensation, commission or other thing of value, such
agent, intermediary or person acts on behalf of an insured other than the agent,
intermediary or person, or aids in any manner, in selling, soliciting, or
negotiating the making of any contract of insurance in which the insured, owner
and beneficiary are other than the agent, intermediary or person.

HISTORY: 1993, c. 158; 2001, c. 706.