New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 17 - PRODUCER LICENSING
Subchapter 6 - MANAGING GENERAL AGENTS
Section 11:17-6.4 - Insurer requirements
Universal Citation: NJ Admin Code 11:17-6.4
Current through Register Vol. 56, No. 18, September 16, 2024
(a) No insurer shall appoint or continue to use the services of any MGA to act for it in this State, either directly or indirectly through sub-agents of the MGA, unless the managing general agent is qualified to act as an MGA in this State pursuant to 11:17-6.3.
(b) The insurer shall maintain and make available to the Commissioner upon request a copy of the following:
1. An executed contract between the MGA and
the insurer;
2. An executed bond in
accordance with
11:17-6.3(e);
and
3. Proof of the MGA's errors
and omissions coverage in accordance with
11:17-6.3(d).
(c) Thirty days of entering into, or within 15 days of terminating, a contract with an MGA, the insurer shall provide written notification of the appointment or termination of the MGA to the Commissioner.
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