N.Y. Comp. Codes R. & Regs. tit. 11 § 33.2

Current through Register Vol. 46, No. 51, December 18, 2024

Section 33.2 - Definitions

As used in this Part, the following terms shall have the following meanings:

(a)Insurer means an authorized insurer as defined in section 107 (a)(10) of the Insurance Law, and, for purposes of this Part, shall also include every group, association or other organization of insurance companies that engages in joint underwriting or joint reinsurance in accordance with section 2317 (a) of the Insurance Law.

(b)Domestic insurer shall have the same meaning as set forth in Insurance Law, section 107(a)(19), and shall also include every group, association or other organization of insurance companies that engages in joint underwriting or joint reinsurance if such group, association or other organization has its principal office in this State.

(c)Managing general agent (MGA) means any person, firm, association, corporation or other entity that:

(1)

(i) manages all or part of the insurance business of an insurer (including the management of a separate division, department or underwriting office);

(ii) acts as an insurance agent as defined in section 2101 (a) of the Insurance Law for such insurer, whether known as a managing general agent, manager, or other similar term, or acts as an insurance broker as defined in section 2101 (c) of the Insurance Law; and

(iii) with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and accept or reject risks on behalf of the insurer (underwrites) an amount of gross direct written premium equal to or more than five percent 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 activities related to the business produced:

(a) adjusts or pays claims in excess of $25,000; or

(b) negotiates reinsurance on behalf of the insurer; or

(2) supervises or manages, on behalf of an insurer or charitable bail organization, bail agents appointed by the insurer or charitable bail organization, but shall not include any person who is a full-time employee or officer of the insurer or charitable bail organization.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 33.2

Amended New York State Register November 20, 2019/Volume XLI, Issue 47, eff. 3/19/2020