Oklahoma § 36-1472 - Definitions

§ 36-1472. Definitions

As used in this act:

1. "Actuary" means a person who is a member in good standing of

the American Academy of Actuaries;

2. "Insurer" means any person licensed pursuant to the Oklahoma

Insurance Code to transact insurance;

3.

a.

"Managing General Agent" or "MGA" means any person

who:

(1) manages all or part of the insurance business of

an insurer, including the management of a

separate division, department or underwriting

office, and

(2) acts as an agent for such insurer, whether known

as a managing general agent, manager or other

similar term, and

(3) directly or indirectly, with or without the

authority of the insurer, whether separately or

together with affiliates, produces and

underwrites an amount of gross direct written

premium equal to or greater than five percent

(5%) of the policyholder surplus, as reported in

the last annual statement of the insurer in any

one quarter or year together with the following

activities related to the business produced:

(a) adjusts or pays claims in excess of an

amount determined by the Insurance

Commissioner, or

(b) negotiates reinsurance on behalf of the

insurer.

Oklahoma Statutes - Title 36. Insurance

b.

Notwithstanding subparagraph a of this paragraph, the

following persons shall not be considered to be

managing general agents for the purpose of this act:

(1) an employee of the insurer,

(2) a U.S. Manager of the United States branch of an

alien insurer,

(3) an underwriting manager which, pursuant to

contract:

(a) manages all the insurance operations of the

insurer,

(b) is under common control with the insurer,

subject to the holding company regulatory

act, and

(c) whose compensation is not based on the

volume of premiums written, and

(4) the attorney-in-fact authorized by and acting for

the subscribers of a reciprocal insurer or

interinsurance exchange under powers of an

attorney;

4. "Underwrite" means the authority to accept or reject risk on

behalf of the insurer.

Added by Laws 1991, c. 134, § 2, eff. July 1, 1991. Amended by Laws

1992, c. 65, § 3, eff. Sept. 1, 1992.