6-1401. Definitions

In this chapter, unless the context otherwise requires:

1. "Branch office" means any place of business maintained by a licensee in addition to the principal place of business of a licensee.

2. "Insured" means any person covered under an insurance contract or other evidence of insurance coverage subject to regulation under title 20.

3. "Insurer" has the same meaning as defined by section 20-104.

4. "Managing general agent" has the same meaning prescribed in section 20-311.

5. "Premium finance agreement" means a written agreement by which an insured or prospective insured agrees to pay to a premium finance company the amount advanced or to be advanced under the written agreement to an insurance producer in payment of premiums of an insurance contract together with interest or discount and a service charge as authorized and limited by this article.

6. "Premium finance company" means a person engaged in whole or in part in the business of financing insurance premiums, entering into premium finance agreements with insureds or otherwise acquiring premium finance agreements from insurance producers or other premium finance companies.