§36-1472. Definitions.
335 words·~2 min read·
/ok/title-36-insurance/36-1472·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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:
(1)an employee of the insurer,
(2)a U.S. Manager of the United States branch of an
alien insurer,
(3)an underwriting manager which, pursuant to
contract:
(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.