Managing General Agents Law

This act regulates managing general agents — the intermediaries that place, administer, or otherwise manage insurance business on behalf of an insurer. It conditions that role on licensure, prescribes terms that must be included in the written agreement between the insurer and the managing general agent, and places corresponding oversight duties on the insurers that appoint them. Enforcement rests with the state insurance regulator, which is given authority to examine managing general agents, along with penalties and liability for violations.

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