(1) A person shall not act as a managing general agent with respect to risks located in this state for an authorized insurer unless the person holds a license issued under ORS 744.062 authorizing the person to act as an insurance producer and indorsed to authorize the person to act as a managing general agent.
(2) A person shall not act as a managing general agent representing a domestic insurer with respect to risks located outside this state unless the person holds a license issued under ORS 744.062 authorizing the person to act as an insurance producer and indorsed to authorize the person to act as a managing general agent.
(3) For purposes of ORS 744.300 to 744.316, a person acts as a managing general agent when the person:
(a) Negotiates and binds ceding reinsurance contracts on behalf of an authorized insurer or manages all or part of the insurance business of an authorized insurer, including the management of a separate division, department or underwriting office, and acts as an insurance producer for the insurer, whether the person is known as a managing general agent, manager or other similar term; and
(b) With or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year, together with either or both of the following activities:
(A) Adjusting or paying claims in excess of an amount determined by the Director of the Department of Consumer and Business Services.
(B) Negotiating reinsurance on behalf of the insurer.
(4) The provisions of ORS 744.062 governing application for amendment of a license apply to the indorsement of the license of an insurance producer for authority to act as a managing general agent, except that an examination is not required for the indorsement.
(5) The provisions of this section are subject to exemptions stated in ORS 744.301. [1991 c.495 §2; 2001 c.191 §39; 2003 c.364 §119]
Section: Previous 744.231 744.235 744.240 744.245 744.255 744.260 744.265 744.300 744.301 744.303 744.305 744.306 744.308 744.310 744.311 NextLast modified: August 7, 2008