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:
A business entity in the business of engaging in portable electronics transactions, directly or indirectly, is required to hold a limited lines license to sell or offer coverage under a policy of portable electronics insurance in connection with, and incidental to, a portable electronics transaction with a customer.
The following must be submitted for a Portable Electronics Insurance Vendor license:
Complete the License Application
A business entity acting as an insurer designee (such as a managing general underwriter, managing general agent, or licensed limited lines producer of travel insurance) that directs a travel retailer that offers and disseminates travel insurance on its behalf is required to hold a Travel Insurance Business Entity Producer license. As used here, “travel insurance” means insurance coverage for personal risks incident to planned travel, including, but not limited to interruption or cancellation of trip or event; loss of baggage or personal effects; damages to accommodations or rental vehicles; or sickness, accident, disability, or death occurring during travel. “Travel insurance” as used here does not include major medical plans that provide comprehensive medical protection for travelers with trips lasting six months or longer, including those working overseas as an expatriate or military personnel being deployed.
Do travel agents need a license to sell or distribute travel insurance?
Yes. Either the agent needs to be licensed as an individual insurance producer with the appropriate line of authority, or the agent must be employed by a business entity that offers and disseminates travel insurance on behalf of and under the direction of an appropriately licensed travel insurance producer. Generally, Minnesota state law requires any person or business entity who sells, solicits, or negotiates insurance in Minnesota to be licensed for the associated line of authority.
If I become an employee of a travel retailer, can I keep my license?
If I become an employee of a travel retailer, can I keep my license?
Do individual insurance producers who sell, solicit, or negotiate travel insurance in the course of their insurance business still need a license?
I am [one of the following: the designated responsible producer, president, secretary, treasurer, or any other officer or person who directs or controls the travel insurance producer’s insurance operations] and must now comply with the fingerprinting requirements applicable to insurance producers in my company’s resident state, which is not Minnesota. How do I find out what those requirements are?
Contact the department of insurance in your company’s resident state.
I am [one of the following: the designated responsible producer, president, secretary, treasurer, or any other officer or person who directs or controls the travel insurance producer’s insurance operations] and must now comply with the fingerprinting requirements applicable to insurance producers in my company’s resident state. My company’s resident state is Minnesota. Does Minnesota require resident insurance producers to be fingerprinted for a criminal history background check?
What should I do to meet the requirement to submit fingerprints?
Consumer & Industry Services
Minnesota Department of Commerce
85 – 7th Place East, Suite 600
St. Paul, MN 55101
Under Minnesota law, "reinsurance intermediary" means either a reinsurance intermediary-broker or a reinsurance intermediary-manager. A reinsurance intermediary-broker is any person, other than an officer or employee of the ceding insurer, firm, association, or corporation, who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of this insurer. A reinsurance intermediary-manager is any person, firm, association, or corporation who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for that reinsurer whether known as a reinsurance intermediary-manager, manager, or other similar term. But the following persons are not considered a reinsurance intermediary-manager, with respect to that reinsurer, for the purposes of Minnesota's Reinsurance Intermediary Act:
In addition, licensed attorneys at law of Minnesota, when acting in their professional capacity as such, are exempt from licensure as a reinsurance intermediary.
No person, firm, association, or corporation may act as a reinsurance intermediary-broker in Minnesota if the reinsurance intermediary-broker maintains an office either directly or as a member or employee of a firm or association, or an officer, director, or employee of a corporation:
No person, firm, association, or corporation may act as a reinsurance intermediary-manager:
The license issued to a firm or association authorizes all the members of the firm or association and any designated employees to act as reinsurance intermediaries under the license. These persons must be named in the license application and any supplements to it.
The license issued to a corporation authorizes all of the officers and any designated employees and directors of the corporation to act as reinsurance intermediaries on behalf of the corporation. These persons must be named in the license application and any supplements to it.