3905.01 Insurance producers licensing act definitions.
3905.01 Insurance producers licensing act definitions.
As used in this chapter:
(A) “Business entity” means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity.
(B) “Home state” means the state or territory of the United States, including the District of Columbia, in which an insurance agent maintains the insurance agent’s principal place of residence or principal place of business and is licensed to act as an insurance agent.
(C) “Insurance” means any of the lines of authority set forth in Chapter 1739., 1751., or 1761. or Title XXXIX [39] of the Revised Code, or as additionally determined by the superintendent of insurance.
(D) “Insurance agent” or “agent” means any person that, in order to sell, solicit, or negotiate insurance, is required to be licensed under the laws of this state, including limited lines insurance agents and surplus line brokers.
(E) “Insurer” has the same meaning as in section 3901.32 of the Revised Code.
(F) “License” means the authority issued by the superintendent to a person to act as an insurance agent for the lines of authority specified, but that does not create any actual, apparent, or inherent authority in the person to represent or commit an insurer.
(G) “Limited line credit insurance” means credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed automobile protection insurance, or any other form of insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation and that is designated by the superintendent as limited line credit insurance.
(H) “Limited line credit insurance agent” means a person that sells, solicits, or negotiates one or more forms of limited line credit insurance to individuals through a master, corporate, group, or individual policy.
(I) “Limited lines insurance” means those lines of authority set forth in divisions (B)(7) to (10) of section 3905.06 of the Revised Code or in rules adopted by the superintendent, or any lines of authority the superintendent considers necessary to recognize for purposes of complying with section 3905.072 of the Revised Code.
(J) “Limited lines insurance agent” means a person authorized by the superintendent to sell, solicit, or negotiate limited lines insurance.
(K) “NAIC” means the national association of insurance commissioners.
(L) “Negotiate” means to confer directly with, or offer advice directly to, a purchaser or prospective purchaser of a particular contract of insurance with respect to the substantive benefits, terms, or conditions of the contract, provided the person that is conferring or offering advice either sells insurance or obtains insurance from insurers for purchasers.
(M) “Person” means an individual or a business entity.
(N) “Sell” means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurer.
(O) “Solicit” means to attempt to sell insurance, or to ask or urge a person to apply for a particular kind of insurance from a particular insurer.
(P) “Superintendent” or “superintendent of insurance” means the superintendent of insurance of this state.
(Q) “Terminate” means to cancel the relationship between an insurance agent and the insurer or to terminate an insurance agent’s authority to transact insurance.
(R) “Uniform application” means the NAIC uniform application for resident and nonresident agent licensing, as amended by the NAIC from time to time.
(S) “Uniform business entity application” means the NAIC uniform business entity application for resident and nonresident business entities, as amended by the NAIC from time to time.
Effective Date: 09-01-2002