§6764 Definitions

Summary

Gives plain meanings for key words used in this part of the law. Business entity is a company or other legal business, like a corporation, partnership, LLC, LLP, or association. Depository institution is defined in section 1813 of title 12. Home State is the State where an insurance producer lives or does business and is licensed. Insurance means products regulated as insurance by the State’s insurance regulator, but not title insurance or bail bonds. Insurance producer covers people or firms that sell, solicit, or give advice about insurance (agents, brokers, consultants, and similar roles). Insurer is defined in section 313(e)(2)(B) of title 31. Principal place of business is where an insurance producer’s headquarters and top officers run the company. Principal place of residence is the State where the producer lives the most days in a year. State includes the 50 States, the District of Columbia, and listed U.S. territories. State law means any State rule, decision, regulation, or action that has the force of law; a U.S. law that applies only to the District of Columbia counts as a State law.