Ohio Admin. Code 3901-3-10

Current through all regulations passed and filed through October 28, 2024

Section 3901-3-10 - Licensing of managing general agents

(A) Authority

This rule is issued by the superintendent of insurance pursuant to section 3901.041 and 3905.79 of the Revised Code.

(B) Purpose

Section 3905.72 of the Revised Code sets out the requirements for licensing of managing general agents. The purpose of this rule is to establish the procedures to be used in the licensing of managing general agents.

(C) Application

(1) Every person who seeks a license as a managing general agent under section 3905.71 to 3905.79 of the Revised Code shall make application in writing to the superintendent of insurance on a form provided by the superintendent.

(2) In addition to the information required by section 3905.72(B)(1) to (6) of the Revised Code the application form shall also contain:

(a) Questions to determine if the applicant has had any criminal or administrative action taken against the applicant;

(b) Questions to determine if the applicant has ever been involved with an entity which was placed in bankruptcy, conservatorship, or similar supervision;

(c) Any other information required by the superintendent.

(3) When the applicant applies for a license the applicant shall provide a list, including addresses, of all the applicant's agents, producers, or subproducers, which shall be kept current by filing notice of any changes within thirty days of the end of each calendar quarter.

(4) The application fee of twenty dollars shall be submitted with the application.

(D) Effective date

The date on which an applicant is assigned a license number by the department is the effective date of that license. The license shall expire on the last day of February of each calendar year, except that if an insurer terminates the appointment of a managing general agent the license will expire on the date of the termination. An insurer shall immediately notify the superintendent of insurance when it terminates the appointment of a managing general agent and such termination shall be effective on the date it is received by the department.

(E) Change of address

Every licensed managing general agent shall notify the superintendent in writing of any change in their business or residence address within thirty days of the change. This change of address shall be made on a form provided by the superintendent of insurance, and merely placing the new address on correspondence or filings with the department without filing a change of address notice is not sufficient to comply with this requirement.

(F) Violation

Failure to comply with any requirements set out in this rule shall be grounds for the revocation or suspension of a managing general agent license.

(G) Severability

If any section, term or provision of this rule is adjudged invalid for any reason, such judgment shall not affect, impair or invalidate any other section, term or provision of this rule, but the remaining sections, terms and provisions shall be and continue in full force and effect.

Ohio Admin. Code 3901-3-10

Five Year Review (FYR) Dates: 2/3/2021 and 08/30/2025
Promulgated Under: 119.03
Statutory Authority: 3901.041, 3905.79
Rule Amplifies: 3905.72
Prior Effective Dates: 05/01/1993

Five Year Review (FYR) Dates: 08/14/2015 and 08/14/2020
Promulgated Under: 119.03
Statutory Authority: 3901.041, 3905.79
Rule Amplifies: 3905.72
Prior Effective Dates: 5/1/1993