PocketLaw | Oklahoma Statutes

Definitions.

As used in this act:

1. "Actuary" means a person who is a member in good standing of the American Academy of Actuaries;

2. "Insurer" means any person licensed pursuant to the Oklahoma Insurance Code to transact insurance;

3.a."Managing General Agent" or "MGA" means any person who:

(1)manages all or part of the insurance business of an insurer, including the management of a separate division, department or underwriting office, and
(2)acts as an agent for such insurer, whether known as a managing general agent, manager or other similar term, and
(3)directly or indirectly, with or without the authority of the insurer, whether separately or together with affiliates, produces and underwrites an amount of gross direct written premium equal to or greater than five percent (5%) of the policyholder surplus, as reported in the last annual statement of the insurer in any one quarter or year together with the following activities related to the business produced:

(a)adjusts or pays claims in excess of an amount determined by the Insurance Commissioner, or
(b)negotiates reinsurance on behalf of the insurer.

b.Notwithstanding subparagraph a of this paragraph, the following persons shall not be considered to be managing general agents for the purpose of this act:

(a)manages all the insurance operations of the insurer,
(b)is under common control with the insurer, subject to the holding company regulatory act, and
(c)whose compensation is not based on the volume of premiums written, and

(4)the attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of an attorney;

4. "Underwrite" means the authority to accept or reject risk on behalf of the insurer.

Added by Laws 1991, c. 134, § 2, eff. July 1, 1991. Amended by Laws 1992, c. 65, § 3, eff. Sept. 1, 1992.

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