§ 6764. Definitions

525 words·~2 min read·/usc/title-15/section-6764

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For purposes of this subchapter, the following definitions shall apply:

(1)Business entity The term “business entity” means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity.

(2)Depository institution The term “depository institution” has the meaning as in section 1813 of title 12.

(3)Home State The term “home State” means the State in which the insurance producer maintains its principal place of residence or business and is licensed to act as an insurance producer.

(4)Insurance The term “insurance” means any product, other than title insurance or bail bonds, defined or regulated as insurance by the appropriate State insurance regulatory authority.

(5)Insurance producer The term “insurance producer” means any insurance agent or broker, excess or surplus lines broker or agent, insurance consultant, limited insurance representative, and any other individual or entity that sells, solicits, or negotiates policies of insurance or offers advice, counsel, opinions or services related to insurance.

(6)Insurer The term “insurer” has the meaning as in section 313(e)(2)(B) of title 31.

(7)Principal place of business The term “principal place of business” means the State in which an insurance producer maintains the headquarters of the insurance producer and, in the case of a business entity, where high-level officers of the entity direct, control, and coordinate the business activities of the business entity.

(8)Principal place of residence The term “principal place of residence” means the State in which an insurance producer resides for the greatest number of days during a calendar year.

(9)State The term “State” includes any State, the District of Columbia, any territory of the United States, and Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.

(10)State law

(A)In general The term “State law” includes all laws, decisions, rules, regulations, or other State action having the effect of law, of any State.

(B)Laws applicable in the District of Columbia A law of the United States applicable only to or within the District of Columbia shall be treated as a State law rather than a law of the United States.

(Pub. L. 106–102, title III, § 334, as added Pub. L. 114–1, title II, § 202(a), Jan. 12, 2015, 129 Stat. 27.)

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