As used in this chapter, "independent insurance producer" means an insurance producer who:

1. (1) represents an insurer in the sale of insurance as an independent contractor rather than as an employee; and

2. (2) is not limited to representing:

   1. (A) one (1) insurer; or
   2. (B) several insurers that are under common management.

As added by P.L.130-1994, SEC.37 and P.L.116-1994, SEC.48. Amended by P.L.178-2003, SEC.32.