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
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