(1) An insurer shall not allow a managing general agent, without prior approval of the insurer, to pay or commit the insurer to pay a claim over the amount, net of reinsurance, specified in the contract under ORS 744.306. The amount established in the contract shall not exceed one percent of the insurer’s policyholder surplus as of December 31 of the last completed calendar year.
(2) Neither an insurer nor a managing general agent may allow a subagent of the managing general agent to serve on the board of directors of the insurer.
(3) An insurer and a managing general agent may not jointly employ any individual. [1991 c.495 §6]
Section: Previous 744.260 744.265 744.300 744.301 744.303 744.305 744.306 744.308 744.310 744.311 744.313 744.314 744.315 744.316 744.319 NextLast modified: August 7, 2008