Section 26.1-26.5-01 - DefinitionsAs used in this chapter:
1. "Accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the national association of insurance commissioners.2. "Control" or "controlled" has the meaning ascribed in chapter 26.1-10.3. "Controlled insurer" means a licensed insurer which is controlled, directly or indirectly, by an insurance broker.4. "Controlling insurance broker" means an insurance broker who, directly or indirectly, controls an insurer.5. "Insurance broker" means an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, such person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation.6. "Licensed insurer" or "insurer" means any person, firm, association, or corporation duly licensed to transact a property and casualty insurance business in this state. The following, inter alia, are not licensed insurers for the purposes of this chapter: a. All risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986 [Pub. L. 99-499; 100 Stat. 1613] and the Risk Retention Act [15 U.S.C. 3901 et seq.] and chapter 26.1-46.b. All residual market pools and joint underwriting authorities or associations.c. All captive insurers. For the purposes of this chapter, captive insurers are insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations or group members and their affiliates.