§ 8–201
Statutes in effect as of October 1, 2026.
Md. Code Ann., Ins. § 8-201 (2026)
Title 8. Entities That Act as Insurers
Subtitle 2. Managing General Agents
§ 8–201LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Certificate of qualification” means a certificate of qualification issued by the Commissioner to act as a managing general agent.
(c)
(1)
“Managing general agent” means a person:
(i)
that:
(1)
manages all or part of the insurance business of an insurer, including the management of a separate division, department, office, or subsidiary of the insurer; and
(2)
with or without authority, separately or with affiliates, directly or indirectly produces or underwrites gross direct written premiums at least equal to 5% of the insurer’s policyholder surplus for any quarter or year, as reported in the insurer’s most recently filed quarterly report or annual statement; and
(ii)
that:
(1)
negotiates or binds ceding reinsurance contracts for the insurer;
(2)
adjusts or pays claims of more than $500; or
(3)
maintains loss reserves from which claims may be paid.
(2)
“Managing general agent” does not include:
(i)
an employee of the insurer;
(ii)
a United States manager of the United States branch of an alien insurer;
(iii)
an attorney in fact authorized by and acting for the subscribers of a reciprocal insurer under a power of attorney;
(iv)
an authorized insurance producer acting for a surety insurer that engages exclusively in the business of issuing bail bonds; or
(v)
an underwriting manager that, by contract:
(1)
manages all the insurance operations of the insurer;
(2)
is under common control with the insurer and is subject to Title 7, Subtitle 6 of this article; and
(3)
is not compensated based on the volume of premiums written.
(d)
“Underwrite” means to accept or reject risks for an insurer.