58-30-124. Definition of terms.
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/sd/title-58/chapter-58-30/58-30-124·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Terms as used in §§ 58-30-124 to 58-30-139 , inclusive, mean:
(1)"Actuary," any person who is a member in good standing of the American Academy of Actuaries;
(2)"Managing general agent," any person:
(a)Who manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office; and
(b)Acts as an agent for the insurer or who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross written premium of five percent or more of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year and either:
(i)Adjusts or pays claims; or
(ii)Negotiates reinsurance on behalf of the insurer;
(3)"Underwrite," the authority to accept or reject risk on behalf of the insurer.