Managing General Agents Act
South Carolina · Insurance · §§ 38-44-10 to 38-44-70 · 7 sections
Overview
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.
Sections covered
- S.C. Code Ann. § 38-44-10Short title
- S.C. Code Ann. § 38-44-20Definitions
- S.C. Code Ann. § 38-44-30License required to act as managing general agent; bond requirements
- S.C. Code Ann. § 38-44-40Contract required for managing general agent to place business with insurer; minimum provisions of contract
- S.C. Code Ann. § 38-44-50Examination and review of managing general agent by insurer; authority to assume insurance contracts or syndicates rests with insurer; notice of entering into or terminating contract with managing general agent; review of agents of insurer to determine if agents have become managing general agents; appointment of managing general agent to board of directors of insurer prohibited
- S.C. Code Ann. § 38-44-60Acts of managing general agent as acts of insurer; managing general agent examined as insurer
- S.C. Code Ann. § 38-44-70Penalties for violations of chapter; judicial review; imposition of other penalties not affected; rights of policyholders, claimants, and auditors not affected
Enacted in other states
Alabama, Arkansas, California, Colorado, Connecticut, Delaware, Iowa, Idaho, Massachusetts, Maine, Minnesota, Oklahoma, Rhode Island, Tennessee
All South Carolina named statutes →
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