Conn. Gen. Stat. § 38a-90a

Current with legislation from the 2024 Regular and Special Sessions.

Section 38a-90a - Definitions

As used in sections 38a-90 to 38a-90h, inclusive:

(1) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries.

(2)

(A) "Managing general agent" means any person, firm, association or corporation who 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, and underwrites an amount of gross direct written premium which is equal to or more than five per cent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year together with one or more of the following activities related to the business produced:

(i) Adjusts or pays claims in excess of an amount determined by the commissioner; or

(ii) negotiates reinsurance on behalf of the insurer.

(B) Notwithstanding subparagraph (A) of this subdivision, the following persons shall not be considered as managing general agents for the purposes of sections 38a-90 to 38a-90h, inclusive:

(i) Any employee of the insurer;

(ii) a United States manager of the United States branch of an alien insurer, as defined in section 38a-1;

(iii) an underwriting manager who, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, subject to the Holding Company Regulatory Act, and whose compensation is not based on the volume of premiums written; and

(iv) the attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney.

(3) "Underwrite" means the authority to accept or reject risk on behalf of the insurer.

Conn. Gen. Stat. § 38a-90a

( P.A. 91-262, S. 11, 19; P.A. 93-57, S. 3; 93-239, S. 19; P.A. 94-39, S. 2; P.A. 14-235, S. 1.)

Amended by P.A. 14-0235, S. 1 of the Connecticut Acts of the 2014 Regular Session, eff. 10/1/2014.