The North Dakota Department of Insurance has issued a bulletin increasing the department’s guideline threshold for managing general agents (MGAs) from $5,000 to $10,000.
The new threshold was adopted in accordance with the National Association of Insurance Commissioners’ MGA model act, Commissioner Jim Poolman said in a statement which accompanied the bulletin, No. 2003-02, issued Sept. 8.
The bulletin says: “The term ‘managing general agent,’ as defined in N.D. Cent. Code § 26.1-26.3-01(3), does not include any individual, partnership, corporation, or limited liability company unless, in addition to the criteria set forth therein, the individual, partnership, corporation, or limited liability company adjusts or pays claims in excess of $10,000.”
Topics Insurance Wholesale
Was this article valuable?
Here are more articles you may enjoy.
Fifth La Niña in Six Years to Disrupt Crops and Supply Chains 
Chubb, The Hartford, Liberty and Travelers Team Up on Surety Tech Launch 
AIG Partners With Amwins, Blackstone to Launch Lloyd’s Syndicate Using Palantir 
US House Bill Aims to End Private Flood Insurance Coverage Penalty 
