Sec. 30.2. Definitions

For purposes of this Part:

(a) Compensation means anything of value, including money, credits, loans, interest on premium, forgiveness of principal or interest, trips, prizes, or gifts, whether paid as commission or otherwise. Compensation does not mean tangible goods with the insurer name, logo or other advertisement and having an aggregate value of less than $100 per year per insurer.

(b) Purchaser means the person or entity to be charged under an insurance contract or a group policyholder and may include the named insured, policyholder, owner of a life insurance policy or annuity contract, principal under a bond, or other person to be charged, including an applicant for insurance, bond or annuity; but does not include a certificate holder or member under a group or blanket insurance contract unless the insurance producer has direct sales or solicitation contact with the certificate holder or member, and the certificate holder or member pays all of the premium.

(c) Insurer means any person or entity doing an insurance business in this State.

(d) Insurance contract means an insurance policy, surety bond, contract of guarantee, or annuity contract.

(e) Insurance producer or producer means any insurance producer as defined by Insurance Law, section 2101(k).