Mo. Code Regs. tit. 20 § 200-10.100
Current through Register Vol. 49, No. 19, October 1, 2024
Section 20 CSR 200-10.100 - MGA Filing RequirementsPURPOSE: This rule implements and administers sections 375.147-375.153, RSMo regarding MGA filing requirements.
(1) Insurer Filings. An insurer must file the documents listed under 20 CSR 200-10.200 for appointment of a managing general agent (MGA), if the insurer is- (A) A foreign insurer holding a certificate of authority to transact insurance business in this state and has any person, firm, association, or corporation who with respect to any risk or risks located in this state produces, directly or indirectly, and underwrites an amount of gross premium equal to or more than five percent (5%) of the policyholder surplus as reported in any one (1) quarter or year together with one (1) or both of the following: 1. Adjusts or pays claims in excess of one thousand dollars ($1,000) per claim or five percent (5%) of the insurer's policyholders' surplus in the aggregate per year; or2. Negotiates reinsurance on behalf of the insurer; or(B) Domiciled in this state and has any person, firm, association, or corporation who produces, directly or indirectly, and underwrites an amount of gross premium equal to more than five percent (5%) of the policy-holders' surplus as reported in any one (1) quarter or year together with one (1) or both of the following: 1. Adjusts or pays claims in excess of one thousand dollars ($1,000) per claim or five percent (5%) of the insurer's policyholders' surplus in the aggregate per year; or2. Negotiates reinsurance on behalf of the insurer.(2) Exceptions. The exceptions provided under the definition of "managing general agent" in section 375.147, RSMo apply to this rule.AUTHORITY: sections 374.045 and 375.153, RSMo 2016.* This rule was previously filed as 4 CSR 190-11.340(1) and (2). Original rule filed Jan. 22, 1991, effective July 8, 1991. Amended: Filed June 16, 1992, effective Feb. 26, 1993. Amended: Filed Aug. 29, 2003, effective Feb. 29, 2004. Amended: Filed Dec. 13, 2018, effective July 30, 2019.*Original authority: 374.045, RSMo 1967 amended 1993, 1995, 2008 and 375.153, RSMo 1990.