As used in Sections 83-18-101 through 83-18-111:
"Actuary" means a person who is a member in good standing of the American Academy of Actuaries.
"Insurer" means any person, firm, association or corporation duly licensed in this state as an insurance company as defined in Section 83-5-1, Mississippi Code of 1972.
"Managing general agent" means any person, firm, association or corporation 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 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 direct written premium equal to or more than five percent (5%) of the policyholder surplus as reported in the last annual statement of the insurer in any one (1) quarter or year together with one or more of the following: (i) adjusts or pays claims in excess of an amount determined by the commissioner; or (ii) negotiates reinsurance on behalf of the insurer.
Notwithstanding the above, the following persons shall not be considered as a managing general agent for the purposes of Sections 83-18-101 through 83-18-111:
An employee of the insurer;
A United States manager of the United States branch of an alien insurer;
An underwriting manager which, pursuant to contract, manages all the insurance operations of the insurer, is under common control with the insurer, subject to the holding company regulatory act, and whose compensation is not based on the volume of premiums written; or
The attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney.
"Underwrite" means the authority to accept or reject risk on behalf of the insurer.
Structure Mississippi Code