Terms Used In Arizona Laws > Title 20 > Chapter 2 > Article 11 - Producer Controlled Property and Casualty Insurance

• Accredited state: means a state in which the insurance department or other regulatory agency has qualified as meeting the minimum financial regulatory standards that are adopted and established by the national association of insurance commissioners. See Arizona Laws 20-487
• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• Controlled insurer: means a licensed insurer who is controlled by a producer. See Arizona Laws 20-487
• Controlling producer: means a producer who controls, directly or indirectly, an insurer. See Arizona Laws 20-487
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• department: means the department of insurance and financial institutions. See Arizona Laws 20-101
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• insurer: means a person, firm, association or corporation that is duly licensed to transact property or casualty insurance business in this state. See Arizona Laws 20-487
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Producer: means an insurance producer 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 an insurance contract on behalf of an insured other than the person, firm, association or corporation. See Arizona Laws 20-487
• Property: includes both real and personal property. See Arizona Laws 1-215
• Writing: includes printing. See Arizona Laws 1-215