§431:9C-101 Definitions. For purposes of this article:
"Actuary" means a person who is a member in good standing of the American Academy of Actuaries.
"Insurer" means any person, firm, association, or corporation duly licensed in this State as an insurance company pursuant to section 431:3-201.
"Managing general agent" means any person, firm, association, or corporation that manages all or part of the insurance business of an insurer including the management of a separate division, department, or underwriting office and acts as an agent for the insurer regardless of whether the person, firm, association, or corporation is known as a managing general agent, manager, or similar term and who, 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 per cent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year and adjusts or pays claims in excess of $10,000 or negotiates reinsurance on behalf of the insurer. Notwithstanding the specified requirements, the following persons shall not be considered managing general agents for purposes of this article:
(1) An employee of the insurer;
(2) A United States manager of the United States branch of an alien insurer;
(3) An underwriting manager who, pursuant to contract, manages all the insurance operations of the insurer, is under common control with the insurer subject to article 11, and whose compensation is not based on the volume of premiums written;
(4) The attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or inter-insurance exchange under a power of attorney; and
(5) Any person, firm, association, or corporation domiciled in the State, authorized to do business only in the State, and acting as a managing general agent for an insurer licensed and conducting business only in the State.
"Producer" has the same meaning as in section 431:9A-102. "Underwrite" means the authority to accept or reject risk on behalf of the insurer. [L 2002, c 155, pt of §2; am L 2010, c 116, §1(9); am L 2011, c 81, §6]
Section: Previous 431-9b-105 431-9b-106 431-9b-107 431-9b-108 431-9b-109 431-9b-110 431-9b-111 431-9c-101 431-9c-102 431-9c-103 431-9c-104 431-9c-105 431-9c-106 431-9c-107 431-9n-101 NextLast modified: October 27, 2016