The Florida Senate

626.091  "Managing general agent" defined.--

(1)  "Managing general agent" means any person that manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office, and acts as an agent for such insurer whether known as a managing general agent, manager, or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, or underwrites an amount of gross direct written premium equal to or more than 5 percent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year and also does one or more of the following:

(a)  Adjusts or pays claims.

(b)  Negotiates reinsurance on behalf of the insurer.

(2)  Notwithstanding the provisions of subsection (1), the following persons shall not be considered as managing general agents for the purposes of this section:

(a)  An employee of the insurer.

(b)  A United States manager of the United States branch of an alien insurer.

(c)  An underwriting manager who, pursuant to contract, manages all the insurance operations of the insurer, is under common control of the insurer which is subject to regulation under ss. 628.801-628.803, and whose compensation is not based on the volume of premiums written.

(d)  Third-party administrators as defined by s. 626.88.

(e)  The attorney in fact authorized by and acting for the subscribers of a reciprocal insurer under powers of attorney.

(3)  No insurer shall enter into an agreement with any person, except as provided in subsection (1), to manage the business written in this state by the general lines agents appointed by the insurer or appointed by the managing general agent on behalf of the insurer unless the person is properly licensed and appointed as a managing general agent in this state. An insurer shall be responsible for the acts of its managing general agent when the agent acts within the scope of his or her authority.

(4)  This section does not apply to surplus lines insurance when written pursuant to the Surplus Lines Law, ss. 626.913-626.937.

History.--s. 188, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 3, ch. 81-282; ss. 2, 3, ch. 81-318; ss. 151, 217, 807, 810, ch. 82-243; s. 15, ch. 85-245; ss. 8, 206, 207, ch. 90-363; s. 4, ch. 91-429; s. 8, ch. 92-146; s. 210, ch. 97-102.