Source: http://www.id.state.az.us/producers/prod_desc_mga.html
Timestamp: 2013-05-25 02:12:43
Document Index: 345201329

Matched Legal Cases: ['§ 20', '§ 20', '§ 20', '§ 41', '§ 20', '§ 20', '§ 20']

< Managing General Agent
A managing general agent is an individual or business entity utilized by an insurer that produces and underwrites an amount of gross premium that is at least five percent of the insurer's policyholder surplus reported on the insurer's last quarterly or annual statement and that either adjusts or pays claims or negotiates reinsurance on behalf of the insurer. ARS § 20-311(A). A managing general agent may Negotiate and bind ceding reinsurance contracts on behalf of an insurer;
Manage all or part of the insurance business of the insurer, such as managing a separate division, department or underwriting office;
Act as an insurance producer or agent for the insurer.
The threshhold for licensing as a managing general agent is based on the amount of gross premium that you produce or underwrite. If the amount you underwrite and produce does not meet 5% of an insurer's policyholder surplus, you do not qualify for a managing general agent license (but may need another type of insurance license, such as insurance producer or insurance adjuster, based on the activities you intend to perform).
Determine license and deposit requirements
Have an officer of the insurer complete Form L-107, which will determine whether you qualify for a managing general agent license and will calculate the amount of the deposit or surety insurance you need to maintain to satisfy ARS § 20-311.01(C). Maintain a deposit in favor of Arizona
Using a surety bond: Complete and submit Form L-106 accompanied by the surety's power of attorney if you are submitting a surety bond to satisffy the deposit requirement.
Using a certificate of deposit: Work with your FDIC-insured financial institution to complete two fully executed originals of Form E-150 to assign the deposit to the Arizona State Treasurer. Using securities: Email the Licensing Section (licensing@azinsurance.gov) for current forms and instructions.
ARS § 20-311.01(A)
Form L-152 ARS § 41-1080
For a business entity: Form L-176
Submit fingerprints Submit fingerprints for an individual applicant or for each member, officer, director and owner of a business-entity applicant. ARS §§ 20-142(E), 20-286(C) and 20-311.03
Fees (nonrefundable per ARS § 20-167(A)) License fee (see "Fees" on the PRODUCERS page). ARS §§ 20-167(A)(10)(a) and 20-311.01.