As used in this chapter, unless the context otherwise requires:

(1) “Commissioner” means the Insurance Commissioner.

(2) “Insurance premium finance company” means a person engaged in the business of entering into premium finance agreements or otherwise financing the payment of insurance premiums.

(3) “Licensee” means a premium finance company holding a license issued by the Commissioner under this chapter.

(4) “Premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to an insurance premium financing company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums on an insurance contract together with a service charge as authorized and limited by this chapter.

60 Del. Laws, c. 406, § ?1;