As used in this article the following words and phrases shall have the meanings given to them in this section:
"Admitted insurer." An insurer licensed to do an insurance business in this Commonwealth.
"Affiliate." With respect to an insured, any entity that controls, is controlled by or is under common control with the insured.
"Affiliated group." Any group of entities that are all affiliated.
"Business entity." A corporation, a partnership, a limited liability company, a limited liability partnership, a business trust or any other entity doing business other than as a natural person.
"Capital." The term, as used in the financial requirements of section 1605, means funds paid for stock or other evidence of ownership.
"Commissioner." The Insurance Commissioner of the Commonwealth.
"Control." An entity has control over another entity if:
"Department." The Insurance Department of the Commonwealth.
"Eligible surplus lines insurer." A nonadmitted insurer with which a surplus lines licensee may place surplus lines insurance under section 1604.
"Export." To place surplus lines insurance with either a nonadmitted insurer or an eligible surplus lines insurer in accordance with this article.
"Home state."
"Independently procured insurance." Any insurance directly procured by an insured from a nonadmitted insurer.
"Insurance producer." A person that is licensed to sell, solicit or negotiate contracts of insurance with admitted insurers.
"Kind of insurance." One of the types of insurance required to be reported in the annual statement which must be filed with the department by admitted insurers.
"Nonadmitted insurer." An insurer not authorized and not licensed to do an insurance business in this Commonwealth. The term includes insurance exchanges as authorized under the laws of various states. The term does not include a risk retention group.
"Person." A natural person or business entity.
"Purchasing group." An entity formed to purchase liability insurance under the Risk Retention Amendments of 1986 ( Public Law 99-563, 100 Stat. 3170).
"Risk retention group." An insurer organized to do business under the Risk Retention Amendments of 1986 ( Public Law 99-563, 100 Stat. 3170).
"State." Any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands and American Samoa.
"Surplus." The term, as used in the financial requirements of section 1605, means funds over and above liabilities and capital of the company for the protection of its policyholders.
"Surplus lines insurance." Any insurance permitted to be placed through a surplus lines licensee with a nonadmitted insurer eligible to accept such insurance, other than reinsurance, wet marine and transportation insurance, independently procured insurance, life insurance and annuities and coverage obtained from risk retention groups under the Risk Retention Amendments of 1986 ( Public Law 99-563, 100 Stat. 3170).
"Surplus lines licensee." A person licensed as a surplus lines producer under section 1615 to place surplus lines insurance with nonadmitted insurers eligible to accept such insurance.
"Type of insurance." Coverage afforded under the particular policy that is being placed.
"Wet marine and transportation insurance." Any of the following:
"Writing producer." The insurance producer which brings about or negotiates contracts of insurance directly on behalf of the consumer seeking insurance.
40 P.S. § 991.1602