§ 6070. Application of chapter (a) This chapter applies to risk retention groups domiciled in this State operating under the provisions of chapters 141 and 142 of this title and to persons serving as managing general agents for such risk retention groups. (b) The provisions of chapter 131, subchapter 2 of this title, pertaining to […]
§ 6071. Definitions As used in this chapter: (1)(A) “Managing general agent” means any person who: (i) manages all or part of the insurance business of a risk retention group and acts as an agent for such risk retention group, and, who, either separately or together with affiliates, underwrites gross written premium in any one-quarter […]
§ 6072. Licensure (a) A person shall not act in the capacity of managing general agent as defined in subdivision 6071(1)(A) of this title for a risk retention group unless such person is licensed under the provisions of this chapter. A person shall not act in the capacity of managing general agent as defined in […]
§ 6073. Contract required (a) No risk retention group shall enter into a managing general agent relationship unless there is in force a written contract between the parties which sets forth the respective responsibilities of each party. (b) The contract shall contain the following minimum provisions: (1) The method for determining compensation and other amounts […]
§ 6074. Examination authority (a) The Commissioner may examine the books and records of a managing general agent or any affiliate thereof pertaining to or arising out of transactions with a risk retention group if the Commissioner reasonably believes that such examination is necessary. (b) All examination reports, work papers, recorded information, documents and copies […]
§ 6075. Hearing; penalties (a) If the Commissioner determines, after notice and hearing, that any person licensed under this chapter (i) has violated any provision of this chapter or rules adopted under this chapter, (ii) is not competent or trustworthy, or (iii) has engaged in any activity or has failed to do any act that […]
