31A-23a-601. Licensure. (1) A person, firm, association, or corporation may not act in the capacity of managing general agent with respect to risks located in this state for an insurer licensed in this state unless the person is a licensed producer in this state. (2) A person, firm, association, or corporation may not act in […]
31A-23a-602. Required contract provisions. A person, firm, association, or corporation acting in the capacity of a managing general agent may not 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, […]
31A-23a-603. Duties of insurers. (1) The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each managing general agent with which the insurer has done business. (2) (a) If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting […]
31A-23a-604. Examination authority. 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. Renumbered and Amended by Chapter 298, 2003 General Session
31A-23a-605. Penalties and liabilities. (1) If the commissioner finds after a hearing that any person has violated any provision of this part, the commissioner may order: (a) for each separate violation, a penalty in an amount of $5,000; (b) revocation or suspension of the producer’s license; and (c) the managing general agent to reimburse the […]
