Whenever used in this chapter, the adhering to words shall have actually the meanings ascribed herein uneven the context clearly indicates otherwise:
(b) “Nonactive agent” way an individual who is retired, disabled or has not obtained from the Commissioner of insurance a current constant certificate. A nonactive agent shall not solicit new business or service existing businesses, yet may receive rejuvenation commissions.
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(c) “Supervising general agent” advert to and also includes any type of person, partnership, association or corporation having actually authority to offer as trustees, supervisors or administrators, except attorneys in ~ law, because that such licensed insurance suppliers or their insureds in the managing of insurance program underwritten by such licensed insurance companies, or in i beg your pardon they might be participating.
(d) “Excess risk” means all or any section of an insurance hazard or contract of annuity for which application is made to an agent and also which above the quantity of insurance allowance or annuity which will certainly be listed by the insurer for which together agent is licensed.
(e) “Rejected risk” method an insurance risk or annuity contract because that which application has actually been made come an agent and which insurance or annuity contract is decreased by the insurer for which such agent is licensed.
(f) “Insurance producer” method a person required to be licensed under the regulations of this state come sell, solicit or negotiate insurance.
(h) “Controlled business” method policies of insurance to it is in issued to a producer, certified dealer or come his relatives, organization associates, employers or employees, or in which lock or either of them have an interest. No license shall be granted or fix up to any type of agent or producer till the applicant certifies with the Commissioner the Insurance that the applicant candlestick in an excellent faith communicate in the insurance business as agent or producer, and that the is no seeking a patent for the function of gaining or conserving commissions, premiums or other beneficial considerations top top “controlled business.” A violation of this i shall be considered to it is in probable if the commissioner finds that during any kind of twenty-four-month period aggregate commissions or other compensations accumulation in donate of the applicant v respect to his very own interests or those of his family, relatives, employers, employees or company associates, as detailed herein, have actually exceeded or will exceed thirty-five percent (35%) that the aggregate amount that commissions accumulation to him as agent or his firm during such period of time. Nothing herein contained shall prohibit the license under a minimal license as to motor car physical damages insurance, any kind of person employed by or associated with a motor auto sales firm with respect to insurance top top a motor auto sold, serviced or financed by it. Whenever employed is terminated of any kind of such human being employed through or associated with any type of such agency, the Commissioner of insurance shall be notified, and also the license shall it is in cancelled immediately. The is further provided that the provisions of this paragraph likewise shall not apply with respect to sales of insurance by a lender or the affiliate covering the insurable interest of the lender.
review this finish Mississippi code Title 83. Insurance § 83-17-1. Definitions; hurt on Westlaw
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