Managing General Agent (Effective through 10/31/2010)
To qualify for a Managing General Agent license:
- No person, firm, association, or corporation shall act as a managing general agent, with respect to risks located in this State for an insurer licensed in this State, unless licensed as a producer in this State.
- No person, firm, association, or corporation shall act as a managing general agent, representing an insurer domiciled in this State with respect to risks located outside this State, unless licensed as a producer in this State.
- The insurer shall require the managing general agent to obtain and maintain a surety bond for the protection of the insurer. The bond amount shall be $100,000 or ten per cent of the managing general agent's total nationwide annual written premium for the insurer in the prior calendar year, whichever is greater; provided that the amount of the surety bond shall not exceed $500,00.
- The insurer shall require the managing general agent to obtain and maintain an errors and omissions policy in the minimum amount of $1,000,000.
- Refer to Hawaii Revised Statutes, §431:9C-103 for “Required contract provisions”.
A complete application for a Managing General Agent license includes:
- For Individual applicants:
- For Business Entity applicants:
IMPORTANT: All of the items listed above must be submitted together as an application packet. If an item is missing or the application is incomplete, we will reject the application and return it to you.
Appointments: An appointment is not required to be submitted at the time of application, but an appointment must be in place to do business. Submit a Notice of Appointment - FORM APPTMGA
In addition to Form APPT, an MGA appointment must also include "a statement of duties which the managing general agent is expected to perform on behalf of the insurer", as required by HRS §431:9C-107(e).
For more information on Managing General Agent licensing, refer to the Hawaii Revised Statutes:
§431:9-C-101 to §431:9-C-107
Visit the Hawaii State Legislature website at www.capitol.hawaii.gov and click on “Status and Documents” to search and view the Hawaii Revised Statutes
Licensees are reminded to secure a General Excised Tax License, as required under the tax laws for the State of Hawaii. Please contact the Hawaii Department of Taxation at (808) 587-4242 or call Toll Free at 1-800-222-3229, for more information.