Kansas Statutes 40-2,131. Same; licensure requirements; bond
(a) No person, firm, association or corporation shall act in the capacity of an MGA with respect to risks located in this state for an insurer licensed in this state unless such person is a licensed producer in this state.
(b) No person, firm, association or corporation shall act in the capacity of an MGA representing an insurer domiciled in this state with respect to risks located outside this state unless such person is licensed as a producer in this state pursuant to the provisions of the uniform insurance agents licensing act, Kan. Stat. Ann. § 40-4901 et seq., and amendments thereto.
Terms Used In Kansas Statutes 40-2,131
- Commissioner: means the commissioner of insurance of this state;
(b) "company" means any person engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business and any person or group of persons who may otherwise be subject to the administrative, regulatory or taxing authority of the commissioner;
(c) "department" means the department of insurance of this state;
(d) "examiner" means any individual or firm having been authorized by the commissioner to conduct an examination under this act;
(e) "insurer" shall have the meaning ascribed to the term "insurance company" by Kan. See Kansas Statutes 40-222f
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Insurer: means any person, firm, association or corporation duly licensed in this state as an insurance company. See Kansas Statutes 40-2,130
- MGA: 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 written premium equal to or more than 5% 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:
(1) Adjusts or pays claims in excess of an amount determined by the commissioner; or
(2) negotiates reinsurance on behalf of the insurer. See Kansas Statutes 40-2,130
- person: means any individual, aggregation of individuals, trust, association, partnership or corporation, or any affiliate thereof. See Kansas Statutes 40-222f
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(c) The commissioner may require a bond in an amount acceptable to the commissioner for the protection of the insurer.
(d) For the purposes of this section, the term “producer” shall have the meaning ascribed to it in Kan. Stat. Ann. § 40-4902, and amendments thereto.