Managing General Agents Sample Clauses
The Managing General Agents clause defines the roles, responsibilities, and authority of managing general agents (MGAs) within an insurance agreement. It typically outlines the scope of activities MGAs are permitted to perform, such as underwriting, issuing policies, and handling claims on behalf of the insurer, and may set requirements for licensing, reporting, and compliance. This clause ensures that the insurer maintains oversight and control over the actions of MGAs, thereby mitigating risks associated with delegation and ensuring regulatory compliance.
Managing General Agents. If the Company will perform its responsibilities under this Agreement through a MGA, the Company must certify to FCIC in the Plan of Operations that such MGA is in full compliance with the laws and regulations of the State in which such MGA is incorporated or, in the absence of such laws and regulations, with the National Association of Insurance Commissioners Model Act governing MGA's.
Managing General Agents. The parties agree that the Reinsured shall not contract with any agent to underwrite or service claims on its behalf in respect of the Policies unless the Reinsurer shall have consented thereto in writing (any such agreement consented to by the Reinsurer, a “Managing General Agency Agreement”). As of the effective date of this Agreement, the Reinsurer consents to the Reinsured contracting with Legal & Contingency Limited (the “Agent”) on a facultative basis to underwrite and service claims on behalf of the Reinsured until such time, if any, as an Underwriting Management Agreement is entered into between the Agent and the Reinsured (such Managing General Agency Agreement to be subject to the prior written consent of the Reinsurer). Notwithstanding the foregoing, the Reinsured shall be solely liable for the performance and actions of any agent so contracted with.
Managing General Agents. Insurance agents, including property and casualty agents, that maintain a managing general agency relationship with one or more insurance carriers by which they provide a full range of representation of such carriers in a certain state or territory in such matters as the solicitation of insurance business, the collection of premiums and the adjustment and settlement of claims.