Insurance Dept.

General Agency, Board or Commission Rules

Effective Date: 04/29/1988 to 12/31/1996

Rule Type: Superceded Rules & Regulations

Reference Number: 044.0002.29.04291988

MANAGING GENERAL AGENTS

Effective April 29, 1988

(Section) 1 Authority

These regulations are promulgated by authority of the Wyoming Insurance Code, W.S. 26-2-110(a) and 26-1-102(a)(xviii) and provisions of the Wyoming Administrative Procedure Act W.S. 16-3-101 et seq.

(Section) 2 Scope

These regulations shall apply to those individuals, firms or corporations who fall within the definition of managing general agent pursuant to W.S. 26-1-102(a)(xviii).

(Section) 3 Purpose

The purpose of these regulations is to protect the interest of the public by requiring managing general agents to file with the Insurance Department copies of their management contracts.

(Section) 4 Management Contracts

As used in these regulations management contracts shall include all agreements or contracts under which any individual, firm or corporation is appointed by one (1) or more insurers as an independent contractor for the principal purpose of exercising general supervision over the business of the insurer in all or part of Wyoming. Such contracts shall expressly grant the Managing General Agent authority to appoint agents for the insurers and to terminate those appointments.

(Section) 5 Certificate of Registration; Required

No insurer shall transact the business of insurance in this state through a managing general agent unless such agent has been registered and appointed by the insurer with the insurance department and the commissioner has issued a certificate of registration to said agent.

(Section) 6 Certificate of Registration; Filing

(a) Every insurer transacting the business of insurance in this state through a managing general agent shall register and appoint said agent with the insurance department on forms provided by the insurance department. In registering and appointing a managing general agent the insurer shall certify to the commissioner that:

1. (i) the managing general agent is competent, trustworthy, financially responsible and of good reputation;
2. (ii) the managing general agent is the insurer's representative and is authorized to perform those functions which are set forth in the management contract; and

(iii) the insurer agrees that any violation of the Wyoming Insurance Code, any lawful rule or final order of the commissioner or any final judgment or decree made by any court committed by the managing general agent while acting within its apparent scope of authority for the insurer shall be deemed to be a violation of said code by the insurer.

(b) Every insurer transacting business through a managing general agent shall file with the commissioner a copy of the management contract in conjunction with the filing of the registration form.

(c) After completion of the registration, if the commissioner finds the managing general agent meets the requirements of the Wyoming Insurance Code and these regulations, he shall promptly issue to the managing general agent a certificate of registration and shall provide a copy of said certificate to the insurer.

(Section) 7 Certificate of Registration; Continuation

(a) A certificate of registration issued under these regulations shall continue in force until expired, suspended, revoked or otherwise terminated, if the insurer's written request for continuation is received by the commissioner on or before March 31 annually.

(b) Any certificate of registration referred to in subsection (a) of this section is considered expired if the commissioner does not receive the request for continuation by midnight March 31.

(Section) 8 Exception In the event that the managing general agent is licensed as a resident or nonresident agent or broker in this state, then such agent shall be exempt from the requirements of Sections 5, 6, and 7 of these regulations.

(Section) 9 Violations Any individual, firm or corporation who shall violate any of the provisions of these Managing General Agent Regulations, or file any false or fraudulent management contract as required by these regulations shall be punishable in accordance with W.S. 26-1-107.

(Section) 10 Severability If any provision of these rules and regulations or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of these rules and regulations and the application of such provision to other persons and circumstances shall not be affected thereby.

(Section) 11 Effective Date These regulations become effective immediately upon filing with the Secretary of State. Attachment

Certificate of registration

CERTIFICATE OF REGISTRATION

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