§ 33-47-1. Short Title
This chapter shall be known and may be cited as the “Managing General Agents Act.” History. Code 1981, § 33-47-1 , enacted by Ga. L. 1991, p. 1424, § 8.
§ 33-47-2. Definitions
As used in this chapter, the term: “Actuary” means a person who is a member in good standing of the American Academy of Actuaries. “Insurer” means an insurer as defined in Code Section 33-1-2. “Managing general agent” means any person, firm, association, or corporation who negotiates and binds ceding reinsurance contracts on behalf of an […]
§ 33-47-3. License Required; Surety Bond; Errors and Omissions Policy
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 […]
§ 33-47-4. Written Contract With Insurer Required; Contents
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 […]
§ 33-47-4.1. Fully Earned Policy Fees
No licensed managing general agent may charge a fully earned policy fee in connection with the issuance of an insurance policy unless such fee shall be a component of the insurer’s rate filing. No fully earned policy fee may exceed $25.00. History. Code 1981, § 33-47-4.1 , enacted by Ga. L. 2009, p. 616, § […]
§ 33-47-5. Insurer’s Oversight Responsibilities; Notice to Commissioner of Relationship With Managing General Agent; Conflict of Interest
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 […]
§ 33-47-6. Principal and Agent Relationship Created
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. History. Code 1981, § 33-47-6 , enacted by Ga. L. 1991, p. 1424, § 8.
§ 33-47-7. Violation of Chapter; Penalties
If the Commissioner finds, after a hearing conducted in accordance with Chapter 2 of this title, that any person has violated any provision of this chapter, the Commissioner may order: For each separate violation, a penalty in an amount not to exceed $10,000.00; Revocation or suspension of the producer’s license; and The managing general agent […]