Wisconsin Administrative Code
Office of the Commissioner of Insurance
Chapter Ins 42 - Managing general agents
Section Ins 42.01 - Definitions
Universal Citation: WI Admin Code ยง Ins 42.01
Current through August 26, 2024
In this chapter:
(1) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries.
(2) "Insurer" means an insurer as defined under s. 600.03(27), Stats., which has a certificate of authority under ch. 611, 612, 613, 614 or 618, Stats.
(3)
(a) "Managing general agent" means any person
not excluded under par. (b), including, but not limited to, a natural person,
who, in or outside this state:
1. Manages all
or part of the insurance business of an insurer or manages a separate division,
department or underwriting office;
2. Acts as an agent for the insurer;
and
3. With or without the
authority, either separately or together with affiliates, directly or
indirectly:
a. Produces and underwrites in
any one quarter or year an amount of gross direct written premium equal to or
more than 5% of the policyholder surplus as reported in the last annual
statement of the insurer; and
b.
Adjusts or pays claims in any one quarter or year in excess of 3% of the
policyholder surplus as reported in the last annual statement of the insurer,
or negotiates reinsurance on behalf of the insurer, or both.
(b) The following
persons are not managing general agents:
1. A
person who is not an intermediary under s.
628.02(1) (b), Stats.;
2. An employe of the insurer;
3. A manager of the United States branch of
an alien insurer;
4. An
underwriting manager which, under a written contract, manages all or part of
the insurance operations of the insurer, is under common control with the
insurer, is subject to ch. 617, Stats., and ch. Ins 40, or the laws and rules
of another state which are substantially similar to ch. 617, Stats., and ch.
Ins 40, and whose compensation is not based on the volume of premiums written;
and
5. The attorney-in-fact
authorized by and acting for the subscribers of a reciprocal insurer or
inter-insurance exchange under powers of attorney.
(4) "Policyholder surplus" means capital and surplus.
(5) "Underwrite" means the authority to accept or reject risk on behalf of the insurer.
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