§ 83-18-101. Short title
Sections 83-18-101 through 83-18-111 may be cited as the Managing General Agents Act.
§ 83-18-103. Definitions
As used in Sections 83-18-101 through 83-18-111: “Actuary” means a person who is a member in good standing of the American Academy of Actuaries. “Insurer” means any person, firm, association or corporation duly licensed in this state as an insurance company as defined in Section 83-5-1, Mississippi Code of 1972. “Managing general agent” means any […]
§ 83-18-105. License required to act as managing general agent; bonding requirement; rules and regulations
No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless such person is a licensed producer in this state. No person, firm, association or corporation shall act in the capacity of a managing […]
§ 83-18-107. Written contract required to place business with insurer; minimum contents of contract; claim files; termination or suspension of settlement authority; payment of interim profits to agent; prohibited acts of managing general agent
No person, firm, association or corporation acting in the capacity of a managing general agent shall place business with an insurer unless there is in force a written contract between the parties which sets forth the responsibilities of each party and where both parties share responsibility for a particular function, specifies the division of such […]
§ 83-18-109. Duties and responsibilities of insurer with respect to each managing general agent it does business with; acts of managing general agent considered acts of insurer
The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each managing general agent with which it has done business. If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for […]
§ 83-18-111. Penalties for violations; judicial review; rights of policyholders and others not restricted
If the commissioner finds after a hearing conducted in accordance with Section 83-6-39, Mississippi Code of 1972, that any person has violated Sections 83-18-101 through 83-18-111, the commissioner may order: For each separate violation, a penalty in an amount not to exceed Five Hundred Dollars ($500.00); Revocation or suspension of the producer’s license; and The […]