14.2 Defining Insurance Producers.

• Jurisdiction: Arizona

14.2 Defining Insurance Producers. Arizona statutes historically categorized insurance intermediaries into two distinct roles: insurance agent(s) and insurance broker(s).³ Until 2001, an agent was defined as “an individual, firm or corporation authorized by an insurer to solicit applications for insurance or annuities or to negotiate insurance on its behalf and, if authorized by the insurer, to effectuate and countersign insurance contracts.”⁴ In contrast, a broker was defined as “an individual, firm or corporation who for compensation as an independent contractor in any manner solicits, negotiates or procures insurance or coverage . . . on behalf...