Subdivision 1. Scope.
For purposes of sections
, the terms in subdivisions
2 to 18 have the meanings given them. The definitions in section
are applicable to terms
not defined in this section, unless the language or context clearly indicates that a different
meaning is intended.
Subd. 2. Business entity.
"Business entity" means a corporation, association, partnership,
limited liability company, limited liability partnership, or other legal entity.
Subd. 3. Commissioner.
"Commissioner" means the commissioner of commerce.
Subd. 4. Home state.
"Home state" means the District of Columbia and any state or territory
of the United States in which an insurance producer maintains the producer's principal place of
residence or principal place of business and is licensed to act as an insurance producer.
Subd. 5. Insurance.
"Insurance" means any of the lines of authority in section
Subd. 6. Insurance producer.
"Insurance producer" means a person required to be licensed
under the laws of this state to sell, solicit, or negotiate insurance.
Subd. 7. License.
"License" means a document issued by the commissioner authorizing a
person to act as an insurance producer for the lines of authority specified in the document. The
license itself does not create any authority, actual, apparent, or inherent, in the holder to represent
or commit an insurance carrier.
Subd. 8. Limited line credit insurance.
"Limited line credit insurance" includes credit life,
credit disability, credit property, credit unemployment, involuntary unemployment, mortgage
life, mortgage guaranty, mortgage disability, guaranteed automobile protection insurance, and
any other form of insurance offered in connection with an extension of credit that is limited to
partially or wholly extinguishing that credit obligation that the commissioner determines should
be designated a form of limited line credit insurance.
Subd. 9. Limited line credit insurance producer.
"Limited line credit insurance producer"
means a person who sells, solicits, or negotiates one or more forms of limited line credit insurance
coverage to individuals through a master, corporate, group, or individual policy.
Subd. 10. Limited lines insurance.
"Limited lines insurance" means those lines of insurance
defined in section
60K.38, subdivision 1
, paragraph (c), or any other line of insurance that the
commissioner considers necessary to recognize for the purposes of complying with section
60K.39, subdivision 5
Subd. 11. Limited lines producer.
"Limited lines producer" means a person authorized by
the commissioner to sell, solicit, or negotiate limited lines insurance.
Subd. 12. Negotiate.
"Negotiate" means the act of conferring directly with or offering advice
directly to a purchaser or prospective purchaser of a particular contract of insurance concerning
any of the substantive benefits, terms, or conditions of the contract if the person engaged in that
act either sells insurance or obtains insurance from insurers for purchasers.
Subd. 13. Person.
"Person" means an individual or a business entity.
Subd. 14. Sell.
"Sell" means to exchange a contract of insurance by any means, for money or
its equivalent, on behalf of an insurance company.
Subd. 15. Solicit.
"Solicit" means attempting to sell insurance or asking or urging a person to
apply for a particular kind of insurance from a particular company.
Subd. 16. Terminate.
"Terminate" means the cancellation of the relationship between
an insurance producer and the insurer or the termination of a producer's authority to transact
Subd. 17. Uniform Business Entity Application.
"Uniform Business Entity Application"
means the current version of the Uniform Business Entity Application for resident and nonresident
business entities of the National Association of Insurance Commissioners.
Subd. 18. Uniform Application.
"Uniform Application" means the current version of the
Uniform Application for resident and nonresident producer licensing of the National Association
of Insurance Commissioners.
History: 2001 c 117 art 1 s 2; 2002 c 379 art 1 s 19