In this subtitle the following words have the meanings indicated. “Certificate of qualification” means a certificate of qualification issued by the Commissioner to act as a managing general agent. “Managing general agent” means a person: that: 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 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 that: negotiates or binds ceding reinsurance contracts for the insurer; adjusts or pays claims of more than $500; or maintains loss reserves from which claims may be paid. “Managing general agent” does not include: an employee of the insurer; a United States manager of the United States branch of an alien insurer; an attorney in fact authorized by and acting for the subscribers of a reciprocal insurer under a power of attorney; an authorized insurance producer acting for a surety insurer that engages exclusively in the business of issuing bail bonds; or an underwriting manager that, by contract: manages all the insurance operations of the insurer; is under common control with the insurer and is subject to Title 7, Subtitle 6 of this article; and is not compensated based on the volume of premiums written. “Underwrite” means to accept or reject risks for an insurer.