Managing General Agent
**Attention: Effective August 1, 2025**
In order to be fingerprinted, all applicants requiring fingerprints must bring the Fingerprint Authorization Form to an approved fingerprint vendor.
See the Fingerprints and Background Reports page for more information.
Description:
An MGA is a firm or individual who negotiates and binds ceding reinsurance contracts on behalf of an insurer or acts as an agent for the insurer either separately or with affiliates to: produce and underwrite an amount of gross direct written premiums equal to or more than five percent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year; adjusts or pays claims in excess of an amount determined by the Commissioner or negotiates reinsurance on behalf of the insurer; and includes a person with authority to appoint and terminate the appointment of an agent for an insurer. A person shall not act as an MGA in this state without being licensed as such. See the bottom of this page for more information.
Application Checklist:
Forms:
Appointment Form
Affiliation Form
MGA Bond Template
Sample Addendum
Hard Card Template
License Maintenance:
Print a copy of your license:
https://www.sircon.com/nevada
Commonly used licensing forms:
https://doi.nv.gov/Licensing/Commonly_Used_Licensing_Forms/
Affiliating the designated responsible licensee (DRL):
https://doi.nv.gov/Licensing/Maintain-License-Association/Association-Maintenance/
License Renewal:
Renew online at https://www.sircon.com/nevada. Triennial renewal fee $185.00 - due the last day of the month which is 3 years after the month in which the license was issued. Late renewals are accepted within a 30-days grace period after expiration with an additional $62.50 late fee. No reinstatements after the grace period; an application for a new license is required.
Missing the renewal date will result in a lapse of licensure.
Reporting Requirements:
Notification of changes for the DRLP, officers, directors, and owners - due within 30 days of the appointment. Notification of changes in contact information-due within 30 days. New appointments with an insurer - due within 15 days after the contract is executed. Termination of appointments with an insurer - due within 30 days after the appointed is no longer eligible.
Additional Information:
An MGA shall not represent an insurer unless licensed as a producer in Nevada.
Maintain a bond for $50,000 or maintain a policy that covers errors and omissions.
Maintain an agreement (contract) that covers:
- The rights and duties of the insurer and MGA and, if a duty is shared by them, the contract must specify the duty each party performs.
- The rights and duties set forth in NAC 683A.470 to 683A.530, inclusive.
- Guidelines which the MGA agrees to follow when underwriting insurance, including: the maximum annual premium volume of insurance he or she may write; the rules he or she must follow to establish the rates for the insurance he or she may write; the types of insurance he or she may write; the maximum amount of liability per policy which he or she may commit the insurer to assume; the exclusions from coverage, including any special limits on the coverage he or she writes for the insurer; the territory in which he or she may write; the provisions for the cancellation of the insurance; and the maximum period for which each policy may be written.
If the contract outlined above allows the MGA to settle claims on behalf of the insurer, the MGA must: report all claims to the insurer in a timely manner; and send the insurer a copy of the claim file if the insurer so requests or as soon as the MGA knows that the claim: has the potential to exceed an amount determined by the Commissioner or exceeds the limit set by the insurer, whichever is less; involves a coverage dispute; may exceed the agent's authority to settle a claim; is open for more than 6 months; or is closed by payment of an amount set by the Commissioner or an amount set by the insurer, whichever is less.
The acts of the MGA are deemed to be the acts of the insurer on whose behalf it is acting.
An MGA may be examined as if it were the insurer.
Submit to the insurer an accounting of each transaction that the MGA enters on behalf of the insurer. The records of each insurer of the MGA must be kept separate.
Hold in a fiduciary capacity and immediately deposit, in an account set up for the insurer in a bank which is a member of the Federal Reserve System, all money collected on behalf of each insurer.
Submit to the insurer all money due to the insurer not less than once each month.
Allow the insurer to examine and copy all books, records and accounts pertaining to the insurer in the control of the MGA.
Allow the Commissioner to examine and copy all books, records and bank accounts of the MGA.
Keep at his or her principal place of business in this State his or her books, records, documents, accounts and vouchers as required by the provisions of NRS 693A.050 for domestic insurers.
The following are not MGAs: an employee of the insurer; a manager of the United States branch of an alien insurer; an attorney authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange; and an underwriting manager who, pursuant to a contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, is subject to the provisions of chapter 692C of NRS and whose compensation is not based on the volume of premiums written or the profit of the business written.
An MGA Must Not:
Retain more than 3 months' reserve for: an amount estimated to be necessary to pay all of the unpaid claims of the insurer; and the allocated loss adjustment expenses, in the account set up for the insurer pursuant to the requirements of NAC 683A.480.
Assign any part of his or her contract with the insurer required pursuant to NAC 683A.470.
Commit the insurer to participate in an insurance or reinsurance syndicate.
Appoint a producer of insurance who is not licensed by this State as a producer for the type of insurance for which he or she is appointed.
Without the prior approval of the insurer: pay or commit the insurer to pay a claim over an amount specified by the insurer, net of reinsurance, which exceeds one percent of the policyholder's surplus of the insurer on December 31 of the prior calendar year; collect a payment from a reinsurer or commit the insurer to a claim settlement with a reinsurer without the prior approval of the insurer. If the approval is given by the insurer, the MGA shall promptly submit a report of the transaction to the insurer.
Allow a person who is an agent of the MGA to serve on the board of directors of the MGA.
Employ a person who is an employee of the insurer.
Delegate any duty imposed on him or her by the provisions of NAC 683A.470 to 683A.530, inclusive.
Bind reinsurance or retrocessions on behalf of the insurer. The MGA may bind facultative reinsurance contracts under obligatory facultative agreements if his or her contract with the insurer contains reinsurance underwriting guidelines including, for both reinsurance assumed and ceded: a list of reinsurers with which such automatic agreements are in effect; the coverages and amounts or percentages that may be reinsured; and schedules for commissions.
MGA Resources:
NRS 683A.090 - NRS 683A.165
https://www.leg.state.nv.us/Division/Legal/LawLibrary/NRS/NRS-683A.html
NAC 683A.450 - NAC 683A.560
https://www.leg.state.nv.us/NAC/NAC-683A.html
Questions:
Please contact the Division at Nevada.licensing@doi.nv.gov or call 775-687-0700 option 2, then option 2 again.