Terms Used In Maine Revised Statutes > Title 24-A > Chapter 16 > Subchapter 8 - Managing General Agents

• Actuary: means a person who is a member in good standing of the American Academy of Actuaries. See Maine Revised Statutes Title 24-A Sec. 1492
• 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.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Insurer: means a person engaged as principal and as indemnitor, surety or contractor in the business of entering into contracts of insurance who holds an existing certificate of authority to transact insurance in this State pursuant to section 404. See Maine Revised Statutes Title 24-A Sec. 1492
• License: means a document issued by the superintendent authorizing a person to act as an insurance producer, adjuster or consultant for kinds of insurance specified in the document as authorized in this chapter. See Maine Revised Statutes Title 24-A Sec. 1402
• MGA: means a person who negotiates and binds ceding reinsurance contracts on behalf of an insurer or 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 a producer for the insurer, whether known as a managing general agent, manager or other similar term; and who, with or without the authority, either separately or together with affiliates, directly or indirectly, produces and underwrites an amount of gross direct 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 of the year following the last annual statement and adjusts or pays claims in excess of an amount determined by the superintendent or negotiates reinsurance on behalf of the insurer, or both. See Maine Revised Statutes Title 24-A Sec. 1492
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Underwrite: means the authority to accept or reject risk on behalf of the insurer. See Maine Revised Statutes Title 24-A Sec. 1492
• United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
• Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72