Section 760 IAC 1-52-2 - DefinitionsAuthority: IC 27-1-33-11
Affected: IC 27-1-33-4
Sec. 2.
(a) The definitions contained in IC 27-1-33, in addition to the definitions in this section, shall apply for purposes of this rule.(b) A person, firm, association, or corporation shall qualify as a managing general agent under IC 27-1-33-4(a)(4)(A) only if the person, firm, association, or corporation, in addition to other criteria set forth in IC 27-1-33-4, has the authority to adjust or pay claims in an amount equal to or exceeding fifteen thousand dollars ($15,000) per claim.(c) As used in this rule, "gross direct written premium" means all direct premiums written by a managing general agent regardless of where the risks are located. Department of Insurance; 760 IAC 1-52-2; filed Feb 4, 1994, 5:00 p.m.: 17 IR 1090; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed November 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFAReadopted filed 11/19/2019, 9:18 a.m.: 20191218-IR-760190497RFA