Managing general agent

From Wikipedia, the free encyclopedia

In insurance, a managing general agent is defined legally as "an individual or business entity appointed by an insurer to solicit applications from agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer and, if authorized to do so by an insurer, to effectuate and countersign insurance contracts". (This particular wording is from Kentucky Revised Statutes.^[1] Similar wordings can be found in the statutes of Oklahoma, Idaho, Arizona, Nevada, Wyoming, Florida, and Alabama.)

In the U.S. and Canada, managing general agents act as a "fronting" system for insurers, allowing filings to be made and proofs of insurance to be given in each other's jurisdictions.^[2]

[edit] References

1. ^ "Chapter 304 Subtitle 9 § 085: Managing general agent" (PDF). Kentucky Revised Statutes. Kentucky Legislative Research Commission. 2008-11-13. http://lrc.ky.gov./KRS/304-09/085.PDF. Retrieved on 2008-12-28. 
2. ^ Bradly J. Condon, Joyce C. Sadka, and Tapen Sinha (2003). Insurance Regulation in North America. Kluwer Law International. pp. 17. ISBN 9041122265. 

[edit] Further reading

• Mark T. Carroll (2003). ALI-ABA's Practice Checklist Manual on Insurance. ALI-ABA. pp. 127. ISBN 0831808233.