2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 510 - MANAGING GENERAL AGENTS AND THIRD=PARTY ADMINISTRATORS
510.1B - DEFINITIONS.

        510.1B  DEFINITIONS.
         As used in this chapter, unless the context otherwise requires:
         1.  "Actuary" means a person who is a member in good standing
      of the American academy of actuaries.
         2.  "Commissioner" means the commissioner of insurance.
         3.  "Insurer" means a person duly licensed in this state as an
      insurance company pursuant to this subtitle.
         4. a.  "Managing general agent" means any person who
      engages in all of the following:
         (1)  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 who acts as an agent for such insurer
      whether known as a managing general agent, manager, or other similar
      term or title.
         (2)  With or without authority and either separately or together
      with affiliates, directly or indirectly produces, and underwrites, an
      amount of gross direct written premium equal to or greater than five
      percent of the policyholder surplus in any one quarter or year as
      reported in the last annual statement of the insurer.
         (3)  Engages in either or both of the following:
         (a)  Adjusts or pays claims in excess of an amount determined by
      the commissioner.
         (b)  Negotiates reinsurance on behalf of the insurer.
         b.  Managing general agent does not include any of the
      following:
         (1)  An employee of the insurer.
         (2)  A manager of a United States branch of an alien insurer who
      resides in this country.
         (3)  An underwriting manager who, pursuant to contract, manages
      all insurance operations of the insurer, who is under common control
      with the insurer, subject to chapter 521A relating to the regulation
      of insurance holding company systems, and who is not compensated
      based upon the volume of premiums written.
         (4)  An insurance company, in connection with the acceptance or
      rejection of reinsurance on a block of business.
         (5)  The attorney-in-fact authorized by or acting for the
      subscribers of a reciprocal insurer or interinsurance exchange under
      power of attorney.
         5.  "Underwrite" means the authority to accept or reject risk
      on behalf of the insurer.  

         91 Acts, ch 26, §2
         Referred to in § 510.6, 510.10