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Title: Managing General Agent
Alternate Title:
Description: Minnesota Department of Commerce
Subject: Insurance
Insurance Professionals
Creation Date: 11/10/2011 4:31:00 PM
Modification Date: 7/17/2019 7:16:32 AM
Agency Name: Commerce, Minnesota Department of
Agency URL: https://mn.gov/commerce/
Agency Description: The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.
Agency Phone: 651-539-1600
800-857-3602
Agency Fax: Agency URL: https://mn.gov/commerce/
Agency Address:
85 7th Place East, Suite 500

St. Paul
MN
55101
Division Name: Division of Insurance
Division URL:
Division Description:
Division Phone: 651-539-1700
Division Fax: Division URL:
Unit Name: Licensing Unit
Unit URL:
Unit Description:
Unit Phone: 651-539-1599
800-657-3978
Unit Fax: Contact person(s): licensing.commerce@state.mn.us
Unit URL:
Audience: Application URL: https://www.sircon.com/resource/layout.jsp?page=minnesotaLps&type=minnesota
Renewal URL: https://www.sircon.com/ComplianceExpress/LicenseRenewals/index.jsp?1=0&lid=lp_minnesota13&sc=omzrpbgd&sscrbid=9031&path=minnesota
Versa URL:
Requirements:
 
 

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 

  1. 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.
  2. 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
  3. 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. 
  4. If the Resident Agency is a partnership, email a copy of the partnership agreement signed by all partners. 
  5. If the Resident Agency is a Limited Liability Company or other Business Entity, email a copy of the Business Organization documents.

Rules:  

Statutes: 60D
60H

Forms:

Go to Sircon


Fees:

No fee for Individual Proprietorship.

Corporate or Partnership Agency - $200

Renewal - $200



Period of Issuance:

Two years, expires October 31st.


Length of Determination: 1 - 2 weeks.
Other Info:
Activity: Insurance
License Detail URL:

Managing General Agent

Insurance -Business Entities

Insurance Licensing

License Lookup Directory

Minnesota Department of Commerce


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