15 USC 6764 – Definitions
For purposes of this subchapter, the following definitions shall apply:
(1) Business entity
The term “business entity” means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity.
(2) Depository institution
The term “depository institution” has the meaning as in section 1813 of title 12.
(3) Home State
The term “home State” means the State in which the insurance producer maintains its principal place of residence or business and is licensed to act as an insurance producer.
(4) Insurance
The term “insurance” means any product, other than title insurance or bail bonds, defined or regulated as insurance by the appropriate State insurance regulatory authority.
(5) Insurance producer
The term “insurance producer” means any insurance agent or broker, excess or surplus lines broker or agent, insurance consultant, limited insurance representative, and any other individual or entity that sells, solicits, or negotiates policies of insurance or offers advice, counsel, opinions or services related to insurance.
(6) Insurer
The term “insurer” has the meaning as in section 313(e)(2)(B) of title 31.
(7) Principal place of business
The term “principal place of business” means the State in which an insurance producer maintains the headquarters of the insurance producer and, in the case of a business entity, where high-level officers of the entity direct, control, and coordinate the business activities of the business entity.
(8) Principal place of residence
The term “principal place of residence” means the State in which an insurance producer resides for the greatest number of days during a calendar year.
(9) State
The term “State” includes any State, the District of Columbia, any territory of the United States, and Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
(10) State law
(A) In general
The term “State law” includes all laws, decisions, rules, regulations, or other State action having the effect of law, of any State.
(B) Laws applicable in the District of Columbia
A law of the United States applicable only to or within the District of Columbia shall be treated as a State law rather than a law of the United States.
Terms Used In 15 USC 6764
- association: when used in reference to a corporation, shall be deemed to embrace the words "successors and assigns of such company or association" in like manner as if these last-named words, or words of similar import, were expressed. See 1 USC 5
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- 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.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
- 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.
- State: means a State, the District of Columbia, the Commonwealth of Puerto Rico, or any other territory or possession of the United States. See 1 USC 7