Managing General Agent Appointment and Termination
Some insurers have entered into contracts with individuals or organizations, commonly referred to as managing general agents (MGAs) or managers, to manage all or part of their insurance business.
Section 33.2(c) of 11 NYCRR 33 (Insurance Regulation 120) defines an MGA as any person, firm, association, or corporation that: (1) manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office; (2) acts as an insurance agent for the insurer, whether known as an MGA, manager, or other similar term, or acts as an insurance broker; and (3) with or without the authority, either separately or together with affiliates, procures, directly or indirectly, and accepts or rejects risks on behalf of the insurer an amount of gross direct written premium equal to or more than 5% of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year, together with adjusting or paying claims in excess of $25,000 or negotiating reinsurance on behalf of the insurer.
For the purposes of Insurance Regulation 120, an insurer includes a group, association, or other organization of insurers that engage in joint underwriting or joint reinsurance in accordance with Insurance Law § 2317(a).
Section 33.3 of Insurance Regulation 120 prohibits an insurer from appointing or continuing to use the services of an MGA to act for the insurer in New York State, either directly or indirectly through subagents of the MGA, unless the MGA has an insurance agent’s license issued by the Department of Financial Services to represent the insurer for the appropriate kinds of insurance.
Submission Requirements
An insurer that appoints a managing general agent (MGA) to act for it in New York State, either directly or through subagents of the MGA, must complete and file a Managing General Agent Appointment Form and Biographical Questionnaire with the Department within 30 days of the appointment.
A domestic insurer that appoints an MGA to act for it in any other state or foreign country also must, within 30 days of the appointment, complete and file the Form with the Department and complete and file a Questionnaire if the MGA does not have a New York insurance agent license.
An insurer must file an amended MGA Appointment Form with the Department within 30 days of any change, including termination of appointment.
Forms
- MGA Appointment Form (fillable PDF)
- MGA Biographical Questionnaire Form (fillable PDF)
Submission
Completed MGA appointment forms and biographical questionnaires are submitted via the secure DFS Portal. To access the DFS Portal you will need a DFS ID account.
DFS Portal and DFS ID
Those conducting business on behalf of a regulated entity must use DFS ID to access the DFS Portal.
Users must receive an invitation to DFS ID from their Entity Administrator. You will use DFS ID credentials and multi-factor authentication (MFA) to log in, so be sure to have or download an authenticator app (e.g., Google or Microsoft Authenticator) to an available mobile device before getting started.
To get started, use the DFS Portal button below and sign in using your DFS ID credentials:
When you first log in, use the "Ask for Apps" tab to request access to the Insurance Company and Fraternal Benefit Society Filings application, for the company(ies) you will be filing for. Once approved, you will see the Insurance Company and Fraternal Benefit Society Filings app in your My Apps menu.
Questions
- Entity Administrators can manage roles and users in DFS ID.
- Learn more about DFS ID.
Contact your Entity Administrator with questions regarding access to DFS ID. Direct questions about the form and questionnaire to [email protected].