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.
Georgia Brokers and Agents Alarmed After Court Ruling Expands Liability for Them 
D&O Market Expected to Tighten Under Pressure, Says AM Best 
Judge Won’t Bend on $256M Defamation/RICO Verdict Against Human Rights Lawyer 
Ben & Jerry’s Co-Founder Says Brand Being ‘Destroyed’ by Magnum 
