402-E:1 Definitions. – In this chapter: I. "Actuary" means a person who is a member in good standing of the American Academy of Actuaries. II. "Insurer" means any person, firm, association or corporation duly licensed in this state as an insurance company pursuant to title XXXVII. III. (a) "Managing general agent" (MGA) means any […]
402-E:2 Licensure. – I. No person, firm, association, corporation, or other entity shall act as an MGA until an MGA license has been issued by the commissioner. The license shall be renewed annually thereafter so long as the MGA complies with applicable law and rules and upon remittance of the renewal fee. II. No […]
402-E:3 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 […]
402-E:4 Duties of Insurers. – I. 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. II. If an MGA establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of […]
402-E:5 Examination Authority. – I. 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 were the insurer. II. The commissioner may designate examiners or consultants, as appropriate, to perform an audit of an MGA when […]
402-E:6 Penalties and Liabilities. – I. If the commissioner finds after notice and hearing that any person has violated any provision of this chapter, or rules adopted pursuant to this chapter, the commissioner may order: (a) For each separate violation, a penalty in an amount of $2,500. (b) Revocation or suspension of the producer’s […]
402-E:7 Rulemaking. – The commissioner of the insurance department may adopt rules, under RSA 541-A, necessary for the implementation and administration of this chapter. Source. 1991, 95:1. 2002, 207:45, eff. July 15, 2002.
402-E:8 Other Applicable Provisions. – The provisions of title XXXVII apply to managing general agents. Source. 1997, 284:6, eff. Jan. 1, 1998.
