Managing General Agents Act

The act regulates managing general agents — the intermediaries an insurer authorizes to perform underwriting, premium collection, claims handling, and related functions on its behalf. It conditions that role on licensure or registration, renewal, and a bond, and requires the arrangement to rest on a written contract containing specified provisions and limits on the agent's authority over underwriting, advertising, recordkeeping, and the adjustment and payment of claims. It also imposes supervisory and notification duties on the insurer, gives the insurance regulator authority to examine agents and adopt implementing rules, and provides for penalties and liability for violations, subject to defined exemptions and waivers.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.