California Insurance Code

§ 769.83

INS § 769.83 Effective Jul 27, 1992Div. 1 · Part 2 · Ch. 1 · Art. 5.4

Statute text

No producer acting in the capacity of an MGA shall place business with an insurer unless there is in force a written contract between the parties which sets forth the responsibilities of each party and where both parties share responsibility for a particular function, specifies the division of such responsibilities, and which contains the following minimum provisions:

(a)The insurer may terminate the contract for cause upon written notice to the MGA. The insurer may suspend the underwriting authority of the MGA during the pendency of any dispute regarding the cause for termination.

(b)The MGA shall render accounts to the insurer detailing all transactions and remit all funds due under the contract to the insurer on not less than a monthly basis.

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Legislative history

Amended by Stats. 1992, Ch. 366, Sec. 1. Effective July 27, 1992.