Business Transacted With Producer Controlled Property/casualty Insurer Act
Definition of "Business transacted with producer controlled property/casualty insurer act"
Model act written and published by the national association of insurance commissioners (naic) whose purpose it is to regulate brokers who control insurance companies. The act permits the insurance commissioners to institute civil actions in the event they perceive broker violations (broker's conduct contributing to the insolvency of a controlled insurance company and the respective state insurance commissioner requires the broker to make restitution to that state's guarantee fund).
Popular Insurance Terms
Cost computation form that assumes retirement and commencement of annuity payments on the first day of the month nearest the birthday when a retiree reaches normal retirement age. Most ...
Exposures where action has been taken to reduce the frequency and severity of loss, such as adding sprinkler systems in public buildings. These actions may result in a significant reduction ...
Individual who represents a ceding insurance company in placing its business with a re insurer. ...
Present value of a series of payments such that the first payment is due one period hence, the second payment two periods hence, and so forth. The continued payment is contingent upon the ...
Refusal by an insurance company to underwrite a risk. ...
Minimum payments provided under a health insurance policy. ...
Professional designation earned after the successful completion of three national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ...
Model act written and published by the national association of insurance commissioners (naic) whose purpose it is to regulate brokers who control insurance companies. The act permits the ...
Payment of benefits by an insurance policy to a policy owner (usually the insured) if a loss occurs. ...
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