Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 52 - Managing General Agents; Procedures › Section 52-3 - Registration of managing general agents

Current through July 10, 2024
Authority: IC
				  27-1-33-11
Affected: IC
				  27-1-33-7
Sec. 3.
(a) The
				initial registration form for managing general agents must be filed with the
				department of insurance by each insurer who contracts with a managing general
				agent on or before March 1, 1994, and will be subject to renewal on July 1,
				1995, and annually each July 1 thereafter.
(b) The form to register managing general
				agents can be obtained from the department of insurance. The registration form
				is adopted by reference, and a copy may be obtained from the Department of
				Insurance, 311 West Washington Street, Suite 300, Indianapolis, Indiana
				46204-2787.
(c) A nonrefundable fee
				of one hundred dollars ($100), payable by either check or money order, must
				accompany the registration form.
(d) At the time of filing with the department
				of insurance the initial registration form for managing general agents
				described in subsections (a) and (b), each insurer must file with the
				department of insurance a sample contract agreement between itself and a
				managing general agent as described in IC
				27-1-33-7.
(e) Subsequent to the initial registration of
				managing general agents, any insurer which enters into a contract with any
				person, firm, association, or corporation meeting the definition of a managing
				general agent shall be required to register that managing general agent with
				the commissioner of the department of insurance within thirty (30) days of
				entering into such contract. Such registration is required on the form
				described in subsection (b).
(f)
				Subsequent to the initial registration of managing general agents, any insurer
				which terminates a contract with any person, firm, association, or corporation
				meeting the definition of a managing general agent shall be required to notify
				the commissioner of the department of insurance of the termination of that
				contract within thirty (30) days from the effective date of termination. Such
				notice is required on the registration form described in subsection (b).
(g) The registration process shall
				be as follows:
(1) The department of insurance
				shall have thirty (30) days after receipt of a registration form to determine
				whether the registration form is complete. In the event that a registration
				form is found to be incomplete, the department of insurance will give the
				insurer written notice of the required information necessary to complete the
				registration form. If the registration form is complete, the insurer will be
				advised that the registration form has been received and accepted for
				review.
(2) The department of
				insurance shall have sixty (60) days from the date that the registration form
				is determined to be complete under subdivision (1) to process the registration
				form and to approve or disapprove it. The department of insurance shall give
				the insurer written notice of any deficiencies noted as a result of the review
				conducted under this subdivision. If approved, the department of insurance
				shall give the insurer written notice of the approval.
(3) The department of insurance shall afford
				the insurer an opportunity for a meeting to discuss any omissions or
				deficiencies noted.
(4) The insurer
				must correct the omissions or deficiencies in the registration form within
				thirty (30) days of the date of the latest notice of the department of
				insurance of such omissions or deficiencies. If the insurer fails to do so, the
				registration form file will be closed as an incomplete registration. The
				registration fee is not refundable.
(5) The department of insurance shall
				maintain a registration form file which shall contain the registration form,
				notices of any omissions or deficiencies, responses, and any written materials
				generated by any person who was considered by the department of insurance in
				evaluating the registration form.