Section 27-51-4. – Required contract provisions.
§ 27-51-4. Required contract provisions. No person, firm, association, or corporation acting in the capacity of an MGA 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 […]
Section 27-51-5. – Duties of insurers.
§ 27-51-5. Duties of insurers. (a) The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each MGA with which it has done business. (b) If an MGA establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss […]
Section 27-51-6. – Examination authority.
§ 27-51-6. Examination authority. The acts of the MGA are considered to be the acts of the insurer on whose behalf it is acting. An MGA may be examined as if it was the insurer and cost of examination will be borne by the insurer pursuant to § 27-13-1. History of Section.P.L. 1992, ch. 445, […]
Section 27-51-7. – Penalties and liabilities.
§ 27-51-7. Penalties and liabilities. (a) If the commissioner finds after a hearing conducted in accordance with the Administrative Procedures Act, chapter 35 of title 42, that any person has violated any provision(s) of this chapter, the commissioner may order: (1) For each separate violation, a penalty in an amount not exceeding one thousand dollars […]
Section 27-51-8. – Rules and regulations.
§ 27-51-8. Rules and regulations. The commissioner of insurance may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter. History of Section.P.L. 1992, ch. 445, § 1.
Section 27-51-9. – Utilization of services.
§ 27-51-9. Utilization of services. No insurer may continue to utilize the services of an MGA on and after December 31, 1992, unless that utilization is in compliance with this chapter. History of Section.P.L. 1992, ch. 445, § 1.
Section 27-51-2. – Definitions.
§ 27-51-2. Definitions. As used in this chapter: (1) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries; (2) “Insurer” means any person, firm, association, or corporation duly licensed in this state as an insurance company pursuant to this title; (3)(i) “Managing general agent” (MGA) means any […]
Section 27-51-3. – Licensure.
§ 27-51-3. Licensure. (a) No person, firm, association, or corporation shall act in the capacity of an MGA with respect to risks located in this state for an insurer licensed in this state unless that person is a licensed producer in this state. (b) No person, firm, association, or corporation shall act in the capacity […]
Section 27-51-1. – Short title.
§ 27-51-1. Short title. This chapter may be known as the “Managing General Agents Act”. History of Section.P.L. 1992, ch. 445, § 1; P.L. 1996, ch. 188, § 19; P.L. 2002, ch. 292, § 91.