Managing General Agent. An agent standing between an insurer and other agents. The MGA sells to retail agents, who then sell to the consumer. MGAs often are said to have the "pen" because they are given the authority to accept, underwrite, and price submissions received from retail agents.
Managing General Agent. An agent who produces and underwrites business for an insurer and either adjusts or pays claims or negotiates reinsurance on behalf of the insurer.
See Managing General Agent.
Managing General Agent. A licensed entity that manages all or part of the insurance business of an insurer and acts as an agent for such insurer whether known as a managing general agent, manager, or other similar term, that produces and underwrites an amount of gross direct written premium equal to or more than five per cent (5%) of the policyholder surplus as reported in the last annual statement of the insurer. Note: This definition is for Idaho and varies from state to state.
managing general agent. An independent contractor who is authorized to appoint PPGAs on a company's behalf and who may represent more than one company.
MANAGING GENERAL AGENT. an agent or agency that performs some or all of the functions that a regional office would for an insurance company; the MGA has more AUTHORITY to act on behalf of the company than an ordinary agent would, and retail agents place business with the company through the MGA. (See F.S. 626.015(16)(a) and 626.7451 - 626.7454)