§ 4815. Definitions As used in this subchapter: (1) “Actuary” shall have the same meaning as in section 3577 of this title. (2) “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National […]
§ 4816. Applicability of subchapter to controlling producers (a) The provisions of this subchapter shall apply to a controlling producer if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer is greater than or equal to five percent of the admitted assets of the controlled insurer, […]
§ 4817. Licensure (a) No person 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 licensed as a managing general agent in this State and is a licensed producer in this State as defined in […]
§ 4818. Contract required (a) No person shall transact business with a managing general agent, a reinsurance intermediary-manager, or a controlling producer as qualified by section 4816 of this title unless there is in force a written contract between the parties which sets forth the respective responsibilities of each party and where both parties share […]
§ 4819. Duties of insurers and reinsurers (a) Insurers utilizing managing general agents. (1) An 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. (2) If a managing general agent establishes loss reserves, the insurer shall annually […]
§ 4820. Examination authority (a) 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. (b) A reinsurance intermediary shall be subject to examination by the Commissioner. The Commissioner shall […]
§ 4821. Maintenance of books and records (a) General requirement. All claim files will be the joint property of the insurer or reinsurer and the contracting party. However, upon an order of liquidation of the insurer or reinsurer, such files shall become the sole property of the insurer, reinsurer, or its estate; both parties shall […]
§ 4822. Sanctions If the Commissioner determines, after notice and hearing, that any person has violated any provision of this subchapter, the Commissioner may: (1) for each separate violation, impose a penalty up to $25,000.00; (2) revoke or suspend the person’s license; (3) order the managing general agent, reinsurance intermediary, or controlling producer to reimburse […]
§ 4823. Other requirements of managing general agents and reinsurance intermediaries (a) Managing general agents and reinsurance intermediaries shall not: (1) commit the insurer or reinsurer to participate in insurance or reinsurance syndicates; (2) appoint any producer without assuring that the producer is lawfully licensed to transact the type of insurance for which he or […]
§ 4824. Other requirements of controlling producers (a) All provisions of subchapter 13 of chapter 101 of this title, to the extent they are not in conflict with the provisions of this subchapter, shall continue to apply to all parties within holding company systems subject to this subchapter. (b)(1) The controlled insurer shall provide the […]
