§ 23-64-401. Title

This subchapter may be cited as the “Managing General Agents Act”.

§ 23-64-402. Definitions

(a) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries. (b) “Insurer” means any person, firm, association, limited liability company, or corporation duly licensed in this state as an insurance company. (c) (1) “Managing general agent” means any person, firm, association, limited liability company, or corporation who […]

§ 23-64-403. License — Surety requirements

(a) No person, firm, association, limited liability company, 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 the person is a licensed managing general agent in this state. (b) No person, firm, association, limited liability company, […]

§ 23-64-404. Agency contracts — Provisions

No person, firm, association, limited liability company, 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, when both parties share responsibility for a particular function, specifies the […]

§ 23-64-405. Reporting requirements

(a) The insurer shall have on file an independent financial examination, in a form acceptable to the Insurance Commissioner, of each managing general agent with which it has done business. (b) If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss […]

§ 23-64-406. Representative capacity — Examinations

The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer.

§ 23-64-407. Penalties for violations

(a) If the Insurance Commissioner finds after a hearing conducted in accordance with § 23-61-301 et seq. that any person has violated any provision of this subchapter, the commissioner may order: (1) For each separate violation, a penalty in an amount of two thousand dollars ($2,000) or, if the commissioner has found willful misconduct or […]

§ 23-64-408. Insurance Commissioner’s authority to adopt rules

The Insurance Commissioner may adopt reasonable rules for the implementation and administration of the provisions of this subchapter.