Section 500.1403 - Persons not considered managing general agents.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.1403 Persons not considered managing general agents.
Sec. 1403.
For the purposes of the chapter, the following persons are not considered managing general agents:
(a) An employee of the insurer.
(b) A United States manager of the United States branch of an alien insurer.
(c) An underwriting manager who pursuant to contract manages all the insurer's insurance operations, is under common control with the insurer, is subject to chapter 13, and whose compensation is not based on the volume of premiums written.
(d) An attorney-in-fact for a reciprocal or inter-insurance exchange.
History: Add. 1990, Act 350, Eff. June 1, 1991 ;-- Am. 1991, Act 57, Imd. Eff. June 27, 1991
Popular Name: Act 218