§ 26-46-101 — Definitions

(a) As used in this article:
(i) "Actuary" means a person who is a member in good
standing of the American Academy of Actuaries;
(ii) "Managing general agent" means any person, firm,
association or corporation that:
(A) Acts as an agent or broker for an insurer
whether known as a managing general agent, manager or other
similar term;
(B) With or without the authority, either
separately or together with affiliates, produces directly or
indirectly or underwrites an amount of gross direct written
premium equal to or more than five percent (5%) of the surplus
as regards policyholders as reported in the last annual
statement of the insurer in any one (1) quarter or year; and
(C) Manages all or part of the insurance
business of an insurer, including the management of a separate
division, department or underwriting office and:
(I) Negotiates reinsurance on behalf of the
insurer; or
(II) Adjusts or pays claims.
(iii) "Underwrite" means the authority to accept or
reject risk on behalf of the insurer;
(iv) The following persons shall not be considered as
"managing general agents":
(A) An employee of the insurer;
(B) A United States manager of the United States
branch of an alien insurer;
(C) An underwriting manager:
(I) Which, pursuant to contract, manages
all the insurance operations of the insurer;
(II) Is under common control with the
insurer, subject to the Insurance Holding Company System
Regulatory Act; and
(III) Whose compensation is not based on
the volume of premiums written.
(D) The attorney-in-fact authorized by and
acting for the subscribers of a reciprocal insurer or
interinsurance exchange under powers of attorney.