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 ยง 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.”
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