§ 27-51-2. Definitions.
As used in this chapter:
(1) "Actuary� means a person who is a member in good standing of the American Academy
of Actuaries.
(2) "Insurer� means any person, firm, association, or corporation duly licensed in this
state as an insurance company pursuant to this title.
(3)(i) "Managing general agent� (MGA) means any person, firm, association, or corporation
who or that negotiates and binds ceding reinsurance contracts on behalf of an insurer
or manages all or part of the insurance business of an insurer, including the management
of a separate division, department, or underwriting office, and acts as an agent for
the insurer whether known as a managing general agent, manager, or other similar term,
who or 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 equal to or more than five percent (5%) of the policyholder surplus as reported
in the last annual statement of the insurer in any one quarter or year together with
one or more of the following: (A) Adjusts or pays claims in excess of an amount determined
by the insurance commissioner or (B) Negotiates reinsurance on behalf of the insurer.
(ii) Notwithstanding subsection (3)(i) of this section, the following persons shall not
be considered as MGAs for the purposes of this chapter:
(A) An employee of the insurer;
(B) A U.S. manager of the United States branch of an alien insurer;
(C) An underwriting manager who or that, pursuant to contract, manages all or part of
the insurance operations of the insurer, is under common control with the insurer,
subject to the holding company regulatory act, and whose compensation is not based
on the volume of premiums written without regard to the profitability of the business
written; and
(D) An attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer
or interinsurance exchange under powers of attorney.
(4) "Producer� means insurance producer as defined in chapter 2.4 of this title.
(5) "Underwrite� means the authority to accept or reject risk on behalf of the insurer.