MANAGING GENERAL AGENTS
402-E:5 Examination Authority.
I. The acts of the MGA are considered to be the acts of the insurer on whose behalf it is acting. An MGA may be examined as if it were the insurer.
II. The commissioner may designate examiners or consultants, as appropriate, to perform an audit of an MGA when the commissioner considers an audit necessary. The audit shall be conducted at the expense of the MGA. MGA's shall make all records and books of account available to the examiners or consultants, and shall otherwise facilitate the performance of the audit.
Source. 1991, 95:1. 1997, 284:4, eff. Jan. 1, 1998.