Michigan Laws 500.1403 – Persons not considered managing general agents
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For the purposes of the chapter, the following persons are not considered managing general agents:
(a) An employee of the insurer.
Terms Used In Michigan Laws 500.1403
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Contract: A legal written agreement that becomes binding when signed.
- Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
(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 insurer’s insurance operations, is under common control with the insurer, is subject to chapter 13, and whose compensation is not based on the volume of premiums written.
(d) An attorney-in-fact for a reciprocal or inter-insurance exchange.