Definitions

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For the purpose of this subchapter:

  1. (1) “Affiliate” means any company that controls, is controlled by, or is under common control with another company;

  2. (2) “Customer” means a person who obtains, applies for, or is solicited to obtain insurance products primarily for personal, family, and household purposes;

  3. (3) “Depository institution” means a bank or savings association and does not include an insurance company;

  4. (4) “Insurance” means all policies or products defined or regulated as insurance pursuant to § 23-60-101 et seq. except:

    1. (A) Credit life, credit accident and health, credit property, credit casualty, credit involuntary unemployment, mortgagor's decreasing term life, and mortgagor's accident and health and sickness insurance;

    2. (B) Insurance placed by a financial institution in connection with collateral pledged as security for a loan when the debtor breaches the contractual obligation to provide that insurance; and

    3. (C) Private mortgage insurance;

  5. (5) “Insurance information” means information concerning the premiums, terms, and conditions of insurance coverage, including expiration dates and rates, and insurance claims of a customer contained in the records of a depository institution or an affiliate of a depository institution; and

  6. (6) “Person” means any natural or artificial entity, including, but not limited to, individuals, partnerships, associations, trusts, or corporations.


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