Under Minnesota law, a managing general agent is a person, firm, association or corporation who (1) manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office, and (2) acts as an agent for the insurer whether known as a managing general agent, manager, or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year, together with one or more of the following activities related to the business produced: (i) adjusts or pays any claim exceeding $5,000, or any combination of claims, the aggregate of which exceeds $25,000, in any 12 consecutive months, or (ii) negotiates reinsurance on behalf of the insurer.
A managing general agent representing an insurer licensed in Minnesota with respect to risks located in Minnesota must be licensed in Minnesota.
A managing general agent representing an insurer domiciled in Minnesota with respect to risks located outside Minnesota must be licensed in Minnesota as a managing general agent. The license may be a nonresident license.
The following persons do not require licensure as a managing general agent:
- an employee of the insurer;
- a United States manager of the United States branch of an alien insurer;
- an underwriting manager who, pursuant to contract, manages all or a part of the insurance or reinsurance operation of the insurer, is under common control with the insurer, subject to the Insurance Holding Company Act, Minn. Stat. Chapter 60D, and whose compensation is not based on the volume of premiums written; or
- an attorney in fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney.
Complete the license application online at Sircon
- Email a list of all Minnesota-licensed insurance producers affiliated with the agency, including each producer's full name and license number. At least one Minnesota-licensed insurance producer (resident or non-resident) must be working for the agency.
- A managing general agent is required to have in effect a written contract with the insurer for which it acts as a managing general agent. A copy of the contract must be emailed. Requirements for minimum contractual terms are set forth in Minn. Stat. Chapter 60H
- If the Resident Agency is a corporation, email a copy of your Articles of Incorporation that have been filed and stamped by the Secretary of State in your state of domicile.
- If the Resident Agency is a partnership, email a copy of the partnership agreement signed by all partners.
- If the Resident Agency is a Limited Liability Company or other Business Entity, email a copy of the Business Organization documents.
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