UCA 31A-23a-102(6)(a): “Managing general agent” means a person that:
- manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office;
- acts as an agent for the insurer whether it is known as a managing general agent, manager, or other similar term;
- produces and underwrites an amount of gross direct written premium equal to, or more than 5% of, the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year:
- with or without the authority;
- separately or together with an affiliate; and
- directly or indirectly; and
- A. adjusts or pays claims in excess of an amount determined by the commissioner; or
B. negotiates reinsurance on behalf of the insurer. (b) Notwithstanding Subsection (6)(a), the following persons may not be considered as managing general agent for the purposes of this chapter:
- an employee of the insurer;
- a United States manager of the United States branch of an alien insurer;
- an underwriting manager that, pursuant to contract:
- manages all the insurance operations of the insurer;
- is under common control with the insurer;
- is subject to Chapter 16, Insurance Holding Companies; and
- is not compensated based on the volume of premiums written; and
- the attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or inter-insurance exchange under powers of attorney.
Licensing: Pursuant to 31A-23a-601, the Utah Insurance Department licenses both individuals and organizations as Managing General Agents/Agencies. A producer license must be held first before the MGA license will be issued. Residents or non-residents may apply online at SIRCON or NIPR.
*We do not require a bond be submitted with the application.