§ 27-1-33-4 — Managing general agent

Indiana § 27-1-33-4

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 33: Managing General Agents

Text

(a) As used in this chapter, "managing general
agent" or "MGA" means any person, firm, association, or corporation:
(1) that manages all or part of the insurance business of an insurer
(including the management of a separate division, department, or
underwriting office);
(2) that acts as an agent for the insurer, whether known as a
managing general agent, manager, or other similar term;
(3) that, with or without the authority, either separately or together
with affiliates, produces, directly or indirectly, and underwrites an
amount of gross direct written premium at least five percent (5%)
of the policyholder surplus as reported in the last annual
statement of the insurer in any one (1) quarter or year; and
(4) that does at least one (1) of the following activities related to
the business produced:
(A) Adjusts or pays claims in excess of an amount determined
by the commissioner.
(B) Negotiates reinsurance on behalf of the insurer.
(b) Notwithstanding subsection (a), the following persons are not
MGAs for the purposes of this chapter:
(1) An employee of the insurer.
(2) A United States manager of the United States branch of an
alien insurer.
(3) An underwriting manager that, pursuant to contract:
(A) manages all or part of the insurance operations of the
insurer;
(B) is under common control with the insurer, subject to IC 27-1-23; and
(C) is not compensated based on the volume of premiums
written.
(4) An attorney-in-fact authorized by and acting for the
subscribers of a reciprocal insurer as authorized in IC 27-6-6-1 or
an interinsurance exchange as authorized in IC 27-1-2-2 under
powers of attorney.

Legislative History

As added by P.L.1-1992, SEC.148. Amended by P.L.130-1994, SEC.34; P.L.116-1994, SEC.44.