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Managing General Agency License-Appointment
The Office of Financial and Insurance Regulation issues
Managing General Agency Appointment
B. STATUTORY AUTHORITY:
PA 218 of 1956 The Insurance Code of 1956
C. APPLICABLE REGULATION:
D. SUMMARY OF PERMIT/APPROVAL PROCESS:
1. Applicability (activities that require the permit)
According to the Insurance Code of 1956, MCL 500.1401(b), the Managing General Agent (MGA) is defined as a person (individual or corporation) who:
NOTE: As of January 20, 2000, the Commissioner has not set an amount.
2. Pre-Application Requirements
If the agency is an MGA, it must be licensed as a producer.
3. Application Submission Requirements
To appoint an agency as an MGA:
NOTE: More than one company may appoint the same producer/agent and/or agency to be their MGA.
4. Procedures and Time-Frame for Obtaining Permit or Approval
5. Operational Requirements
Once You Are Appointed
Cancellation is by submission of an FIS 0242 and/or FIS 0243.
7. Appeal Process
8. Public Input Opportunities
We encourage consumers to first attempt to resolve disputes directly with their financial service entity. If a resolution cannot be reached, our office can try to help resolve a dispute. A complaint form must be completed for for the type of financial service you are having difficulty with.
October 6, 2010
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