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MGA Project Readiness Form

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MGA Project Readiness Form

This form is a prerequisite before initiating a Managing General Agent (MGA) project request or engaging in discussions regarding a Managing General Agent (MGA) licensing project. The data provided herein serves the sole purpose of evaluating whether ReSource Pro can proceed with the intended specialty licensing project. It is crucial to emphasize that this information is exclusively utilized to assess the readiness of the client to meet the criteria and regulatory standards essential for the desired MGA licenses. By completing this form, both parties can ascertain the feasibility of commencing the project without encountering obstacles due to unmet requirements, thereby optimizing time efficiency for all involved stakeholders.

* If you cannot finish this form in one session, scroll to the bottom to the Save & Continue option.
Do you have a signed MGA Agreement with at least one insurance carrier?(Required)
State(s) where you will conduct Buisness (Check all that apply)
Please keep in mind that not all state require or offer MGA Licenses; however, states that do not offer MGA Licenses may have other requirements that must be met.
What lines of business will you be managing?(Required)
*Select All that apply
Does the entity currently hold any producer licenses?(Required)
Does the entity currently plan on pursuing surplus lines licenses?
Does the entity currently have an E&O policy in place with limits set at $1,000,000 or 25% of the annual gross direct written premium produced by the MGA?
Does the entity currently underwrite an amount of gross direct written premium equal to or more than 5% of the policyholder surplus?(Required)

List of Required Items That May Be Needed:

  • Copy of contracts with each insurer you are working with as MGA
  • Fidelity Bond
  • Surety Bond – specific to each state where required
  • List of carriers that contracts are in place with
  • Audited financials within the last 1-2 fiscal years

According to the NAIC MGA Model Act, the definition of a Managing General Agent is as follows:

“Managing general agent” (MGA) means any person 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 such 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 (5%) of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year together with the following activity related to the business produced adjusts or pays claims in excess of $10,000 per claim or negotiates reinsurance on behalf of the insurer. (3) Notwithstanding the above, the following persons shall not be considered MGAs for the purposes of this Act: (a) An employee of the insurer; (b) A U.S. Manager of the United States branch of an alien insurer; (c) An underwriting manager which, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, subject to the holding company regulatory act, and whose compensation is not based on the volume of premiums written; (d) The attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or inter-insurance exchange under powers of attorney.

Name (must be an Officer)(Required)
By entering your name and signature below, you acknowledge that you have filled out this form to the best of your ability, read an understand the NAIC TPA Model Act, and will be able to supply all the required items necessary for ReSource Pro to begin this TPA project.
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