AUTHORITY AND RESPONSIBILITY OF MANAGING GENERAL AGENT Clause Samples

The "Authority and Responsibility of Managing General Agent" clause defines the scope of powers and duties granted to the managing general agent (MGA) by the principal, typically an insurer. It outlines what actions the MGA is authorized to perform, such as underwriting policies, collecting premiums, or handling claims, and may specify any limitations or required approvals. This clause ensures clarity in the delegation of authority, delineates accountability, and helps prevent disputes by clearly establishing the MGA’s operational boundaries and responsibilities.
AUTHORITY AND RESPONSIBILITY OF MANAGING GENERAL AGENT. 2.1 The Managing General Agent has the authority and duty to act as a managing general agent for the Company with regard to the Subject Business as described in Exhibit A and to perform its obligations hereunder in conformity with the underwriting and operating guidelines and pricing standards attached as Exhibit B (as amended from time to time, the “Underwriting Guidelines”). The Underwriting Guidelines may be amended from time to time by written agreement of the Parties, provided that (a) the Company shall not unreasonably withhold, delay or condition its agreement to any amendment to the Underwriting Guidelines proposed by the Managing General Agent and (b) the Managing General Agent shall not unreasonably withhold, delay or condition its agreement to any amendment to the Underwriting Guidelines proposed by the Company as required for this Agreement, the business produced hereunder, or the Company or any of its Affiliates to comply with applicable laws and regulations. The Managing General Agent’s authority includes production, appointment, and supervision of ▇▇▇▇ licensed and appointed property and casualty producers and, where required by law, licensed surplus lines producers (collectively, “Producers”) for or on behalf of the Company, as well as underwriting, accounting and claims handling under the terms of this Agreement. All acts of the Managing General Agent, insofar as the Company’s business is concerned, are subject to the ultimate authority of the Company. Gross written premiums produced during a single calendar year shall not exceed, in the aggregate, the amount of gross written premium referenced as triggering a termination right under Section 4.02(h) of the Reinsurance Agreement, if and as amended by the parties to the Reinsurance Agreement. During any pending notice period following a notice of termination issued under Section 4.02(i) of the Reinsurance Agreement, Managing General Agent shall not increase its monthly rate of new and renewal production as measured by the average monthly rate of production of new and renewal business for the six (6) months prior to the date of such notice of termination. 2.2 The Managing General Agent has the authority to accept Policies complying with the Underwriting Guidelines, as follows: (1) the Policies shall be on forms approved in advance by the Company; (2) the Policies shall be written by or through duly licensed and appointed Producers or by the Managing General Agent where ▇▇▇▇ licensed and appoi...
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