MANAGING GENERAL AGENTS & AGENCIES

OVERVIEW

A Managing General Agent (MGA) is defined at W.S. § 26-46-101 ↗ as any person who:

• Acts as an agent for an insurer;

• Produces, directly or indirectly, or underwrites gross direct written premium equal to 5% of surplus as regards policyholders as reported in the last annual statement of insurer; and

• Manages all or part of the insurance business of an insurer and:

  • Negotiates reinsurance on behalf of the insurer or

  • Adjusts and pays claims.

Be aware that this is a specific license type. A person or firm representing itself as a “managing general agent” may not necessarily fall under the provisions of the MGA Act. If the individual does not perform the activities set forth above, then the individual is not an MGA and would not need to be registered as such.

LICENSING REQUIREMENTS

MGAs must register with the Wyoming Department of Insurance by submitting the following information:

1. Wyoming Managing General Agent Registration Form*

   • This form must be provided for each insurer with which the MGA holds a contract. If a new contract is executed for an entity already licensed as an MGA this form shall be submitted within 30 days of the contract execution.

   • Please note that if production in one year is less that 5% of policyholders surplus the entity must apply for a Wyoming Producer Firm License.

2. A complete copy of all management contracts between the MGA and the insurers it represents.

3. A check for the $100 registration fee.

Any questions should be emailed to insurancelicensing@wyo.gov.