Managing general agents (MGA)--citation of law--definitions--laweffective, when.
375.147. 1. Sections 375.147 to 375.153 may be cited as the "ManagingGeneral Agents Act".
2. Sections 375.147 to 375.153 shall take effect on July 1, 1991. Noinsurer may continue to utilize the services of a managing general agent afterJune 30, 1991, unless such utilization is in compliance with sections 375.147to 375.153.
3. As used in sections 375.147 to 375.153, the following words andphrases shall mean:
(1) "Actuary", a person who is a member in good standing of the AmericanAcademy of Actuaries;
(2) "Director", the director of the department of insurance, financialinstitutions and professional registration;
(3) "Insurer", any person, firm, association or corporation dulylicensed in this state as an insurance company pursuant to section 375.161 or375.791;
(4) "Managing general agent" or "MGA", any person, firm, association orcorporation who manages all or part of the insurance business of an insurer,including the management of a separate division, department or underwritingoffice, and acts as an agent for such insurer whether known as a managinggeneral agent, manager or other similar term, who, with or without theauthority, either separately or together with affiliates, produces, directlyor indirectly, and underwrites an amount of gross direct written premiumsequal to or more than five percent of the policyholder surplus as reported inthe last annual statement of the insurer in any one quarter or year togetherwith one or more of the following:
(a) Adjusts or pays claims in excess of an amount determined by thedirector. The threshold amount set by the director pursuant to this paragraphshall be applied equally to both domestic and foreign insurers; or
(b) Negotiates reinsurance on behalf of the insurer.
Notwithstanding the above, the following persons shall not be considered asmanaging general agents for the purposes of sections 375.147 to 375.153:
a. An employee of the insurer;
b. A manager of the United States branch of an alien insurer;
c. An underwriting manager which, pursuant to contract, manages all theinsurance operation of the insurer, is under common ownership or control withthe insurer, subject to the provisions of chapter 382, RSMo;
d. A person holding a valid certificate of registration as anadministrator and acting solely as an "administrator" as defined in section376.1075; or
e. The attorney authorized by and acting for the subscribers of areciprocal insurer or interinsurance exchange under powers of attorney;
(5) "Underwrite", the authority to accept or reject risk on behalf ofthe insurer.
Managing general agents (MGA)--citation of law--definitions--laweffective, when.
375.147. 1. Sections 375.147 to 375.153 may be cited as the "ManagingGeneral Agents Act".
2. Sections 375.147 to 375.153 shall take effect on July 1, 1991. Noinsurer may continue to utilize the services of a managing general agent afterJune 30, 1991, unless such utilization is in compliance with sections 375.147to 375.153.
3. As used in sections 375.147 to 375.153, the following words andphrases shall mean:
(1) "Actuary", a person who is a member in good standing of the AmericanAcademy of Actuaries;
(2) "Director", the director of the department of insurance, financialinstitutions and professional registration;
(3) "Insurer", any person, firm, association or corporation dulylicensed in this state as an insurance company pursuant to section 375.161 or375.791;
(4) "Managing general agent" or "MGA", any person, firm, association orcorporation who manages all or part of the insurance business of an insurer,including the management of a separate division, department or underwritingoffice, and acts as an agent for such insurer whether known as a managinggeneral agent, manager or other similar term, who, with or without theauthority, either separately or together with affiliates, produces, directlyor indirectly, and underwrites an amount of gross direct written premiumsequal to or more than five percent of the policyholder surplus as reported inthe last annual statement of the insurer in any one quarter or year togetherwith one or more of the following:
(a) Adjusts or pays claims in excess of an amount determined by thedirector. The threshold amount set by the director pursuant to this paragraphshall be applied equally to both domestic and foreign insurers; or
(b) Negotiates reinsurance on behalf of the insurer.
Notwithstanding the above, the following persons shall not be considered asmanaging general agents for the purposes of sections 375.147 to 375.153:
a. An employee of the insurer;
b. A manager of the United States branch of an alien insurer;
c. An underwriting manager which, pursuant to contract, manages all theinsurance operation of the insurer, is under common ownership or control withthe insurer, subject to the provisions of chapter 382, RSMo;
d. A person holding a valid certificate of registration as anadministrator and acting solely as an "administrator" as defined in section376.1075; or
e. The attorney authorized by and acting for the subscribers of areciprocal insurer or interinsurance exchange under powers of attorney;
(5) "Underwrite", the authority to accept or reject risk on behalf ofthe insurer.
Managing general agents (MGA)--citation of law--definitions--laweffective, when.
375.147. 1. Sections 375.147 to 375.153 may be cited as the "ManagingGeneral Agents Act".
2. Sections 375.147 to 375.153 shall take effect on July 1, 1991. Noinsurer may continue to utilize the services of a managing general agent afterJune 30, 1991, unless such utilization is in compliance with sections 375.147to 375.153.
3. As used in sections 375.147 to 375.153, the following words andphrases shall mean:
(1) "Actuary", a person who is a member in good standing of the AmericanAcademy of Actuaries;
(2) "Director", the director of the department of insurance, financialinstitutions and professional registration;
(3) "Insurer", any person, firm, association or corporation dulylicensed in this state as an insurance company pursuant to section 375.161 or375.791;
(4) "Managing general agent" or "MGA", any person, firm, association orcorporation who manages all or part of the insurance business of an insurer,including the management of a separate division, department or underwritingoffice, and acts as an agent for such insurer whether known as a managinggeneral agent, manager or other similar term, who, with or without theauthority, either separately or together with affiliates, produces, directlyor indirectly, and underwrites an amount of gross direct written premiumsequal to or more than five percent of the policyholder surplus as reported inthe last annual statement of the insurer in any one quarter or year togetherwith one or more of the following:
(a) Adjusts or pays claims in excess of an amount determined by thedirector. The threshold amount set by the director pursuant to this paragraphshall be applied equally to both domestic and foreign insurers; or
(b) Negotiates reinsurance on behalf of the insurer.
Notwithstanding the above, the following persons shall not be considered asmanaging general agents for the purposes of sections 375.147 to 375.153:
a. An employee of the insurer;
b. A manager of the United States branch of an alien insurer;
c. An underwriting manager which, pursuant to contract, manages all theinsurance operation of the insurer, is under common ownership or control withthe insurer, subject to the provisions of chapter 382, RSMo;
d. A person holding a valid certificate of registration as anadministrator and acting solely as an "administrator" as defined in section376.1075; or
e. The attorney authorized by and acting for the subscribers of areciprocal insurer or interinsurance exchange under powers of attorney;
(5) "Underwrite", the authority to accept or reject risk on behalf ofthe insurer.
