Maryland Code, INSURANCE 8-101
Current as of: 2023 | Check for updates
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Terms Used In Maryland Code, INSURANCE 8-101
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(a) In this subtitle the following words have the meanings indicated.
(b) “Control”, “controlling”, “controlled by”, or “under common control with” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person, through ownership of voting securities or of securities convertible into voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, whether or not the power is exercised or sought to be exercised.
(c) “Controlled insurer” means an insurer that is under the control of a controlling insurance producer.
(d) “Controlling insurance producer” means an insurance producer that has control of a controlled insurer.