Section 760IAC1-52-3. Registration of managing general agents

   (a) The initial registration form for managing general agents must be filed with the department of insurance by each insurer who contracts with a managing general agent on or before March 1, 1994, and will be subject to renewal on July 1, 1995, and annually each July 1 thereafter.

  (b) The form to register managing general agents can be obtained from the department of insurance. The registration form is adopted by reference, and a copy may be obtained from the Department of Insurance, 311 West Washington Street, Suite 300, Indianapolis, Indiana 46204-2787.

  (c) A nonrefundable fee of one hundred dollars ($100), payable by either check or money order, must accompany the registration form.

  (d) At the time of filing with the department of insurance the initial registration form for managing general agents described in subsections (a) and (b), each insurer must file with the department of insurance a sample contract agreement between itself and a managing general agent as described in IC 27-1-33-7.

  (e) Subsequent to the initial registration of managing general agents, any insurer which enters into a contract with any person, firm, association, or corporation meeting the definition of a managing general agent shall be required to register that managing general agent with the commissioner of the department of insurance within thirty (30) days of entering into such contract. Such registration is required on the form described in subsection (b).

  (f) Subsequent to the initial registration of managing general agents, any insurer which terminates a contract with any person, firm, association, or corporation meeting the definition of a managing general agent shall be required to notify the commissioner of the department of insurance of the termination of that contract within thirty (30) days from the effective date of termination. Such notice is required on the registration form described in subsection (b).

  (g) The registration process shall be as follows:

(1) The department of insurance shall have thirty (30) days after receipt of a registration form to determine whether the registration form is complete. In the event that a registration form is found to be incomplete, the department of insurance will give the insurer written notice of the required information necessary to complete the registration form. If the registration form is complete, the insurer will be advised that the registration form has been received and accepted for review.

(2) The department of insurance shall have sixty (60) days from the date that the registration form is determined to be complete under subdivision (1) to process the registration form and to approve or disapprove it. The department of insurance shall give the insurer written notice of any deficiencies noted as a result of the review conducted under this subdivision. If approved, the department of insurance shall give the insurer written notice of the approval.

(3) The department of insurance shall afford the insurer an opportunity for a meeting to discuss any omissions or deficiencies noted.

(4) The insurer must correct the omissions or deficiencies in the registration form within thirty (30) days of the date of the latest notice of the department of insurance of such omissions or deficiencies. If the insurer fails to do so, the registration form file will be closed as an incomplete registration. The registration fee is not refundable.

(5) The department of insurance shall maintain a registration form file which shall contain the registration form, notices of any omissions or deficiencies, responses, and any written materials generated by any person who was considered by the department of insurance in evaluating the registration form.

  (h) The renewal process shall be as follows:

(1) Subject to subsection (a), a managing general agent registration is valid for one (1) year from the date of issuance. An insurer shall apply for a registration renewal each July 1 after the date of issuance or the registration shall terminate.

(2) The registration renewal form can be obtained from the commissioner of the department of insurance at the address listed in subsection (b).

(3) A completed registration renewal form and a renewal fee of one hundred dollars ($100) must be submitted to the commissioner of the department of insurance at the address listed in subsection (b).

(4) After a completed registration renewal form and the renewal fee have been timely received by the department of insurance, a managing general agent may continue to operate under its registration until the registration renewal is denied by the department of insurance.

(Department of Insurance; 760 IAC 1-52-3; filed Feb 4, 1994, 5:00 p.m.: 17 IR 1091; filed Sep 5, 1996, 11:00 a.m.: 20 IR 17; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed Nov 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFA)