Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 200 - Insurance Solvency and Company Regulation
Chapter 10 - Managing General Agent (MGA)
Section 20 CSR 200-10.100 - MGA Filing Requirements
Universal Citation: 20 MO Code of State Regs 200-10.100
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This rule implements and administers sections 375.147-375.153, RSMo regarding MGA filing requirements.
(1) Insurer Filings. An insurer must file the documents listed under 20 CSR 200-10.200 for appointment of a managing general agent (MGA), if the insurer is-
(A) A foreign
insurer holding a certificate of authority to transact insurance business in
this state and has any person, firm, association, or corporation who with
respect to any risk or risks located in this state produces, directly or
indirectly, and underwrites an amount of gross premium equal to or more than
five percent (5%) of the policyholder surplus as reported in any one (1)
quarter or year together with one (1) or both of the following:
1. Adjusts or pays claims in excess of one
thousand dollars ($1,000) per claim or five percent (5%) of the insurer's
policyholders' surplus in the aggregate per year; or
2. Negotiates reinsurance on behalf of the
insurer; or
(B)
Domiciled in this state and has any person, firm, association, or corporation
who produces, directly or indirectly, and underwrites an amount of gross
premium equal to more than five percent (5%) of the policy-holders' surplus as
reported in any one (1) quarter or year together with one (1) or both of the
following:
1. Adjusts or pays claims in
excess of one thousand dollars ($1,000) per claim or five percent (5%) of the
insurer's policyholders' surplus in the aggregate per year; or
2. Negotiates reinsurance on behalf of the
insurer.
(2) Exceptions. The exceptions provided under the definition of "managing general agent" in section 375.147, RSMo apply to this rule.
*Original authority: 374.045, RSMo 1967 amended 1993, 1995, 2008 and 375.153, RSMo 1990.
Disclaimer: These regulations may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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