Managing General Agents
A Managing General Agent (MGA) is defined at Wyoming Statute §26-46-101(a) as any person who:
Be aware that this is a specific license type. A person or firm representing itself as a “managing general agent” may not necessarily fall under the provisions of the MGA Act. If the individual does not perform the activities set forth above, then the individual is not an MGA and would not need to be registered as such.
Producer License Required
License Type: Managing General Agent
Lines of Authority: Major Lines (as defined).
· Must hold an appointment with same insurance company as MGA contract.
· Provide Page 3, Line 35 of annual statement for verification of policyholder surplus.
Fee (in addition to other fees authorized under the Insurance Code)
Bond: Commissioner may require bond for protection of insurer.
E&O Policy: Commissioner may require the MGA to maintain an errors and omissions policy sufficient to protect the insurer.