ARTICLE 5.4. Managing General Agents

Article 5.4 added by Stats. 1991, Ch. 686, Sec. 1.

§§ 769.80–769.87 · 8 sections

• § 769.80 This act shall be known and may be cited as the Managing General Agents Act.
• § 769.81 As used in this article: (a) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries, the Casualty Actuarial Society, or…
• § 769.82 (a) No producer shall act in the capacity of an MGA with respect to risks located in this state for an insurer that holds a certificate of authority unless…
• § 769.83 No producer acting in the capacity of an MGA shall place business with an insurer unless there is in force a written contract between the parties which sets…
• § 769.84 (a) The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each MGA with which it has done business.…
• § 769.85 The acts of the MGA are considered to be the acts of the insurer on whose behalf it is acting. An MGA may be examined as if it were the insurer.
• § 769.86 (a) If the commissioner finds after hearing that any person has violated any provision of this article he or she may order any of the following: (1) For each…
• § 769.87 The commissioner may adopt reasonable rules and regulations for the implementation and administration of this article.