Section 26.1-26.3-01 - DefinitionsAs used in this chapter:
1. "Actuary" means a person who is a member in good standing of the American academy of actuaries.2. "Insurer" means any person, firm, association, or corporation duly licensed in this state as an insurance company pursuant to this title.3. "Managing general agent" means any individual, partnership, corporation, or limited liability company which:a. Manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office.b. Acts as an insurance producer for the insurer whether known as a managing general agent, manager, or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium 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 together with one or more of the following activities related to the business produced:(1) Adjusts or pays claims in excess of an amount determined by the commissioner; or(2) Negotiates reinsurance on behalf of the insurer.c. Notwithstanding the above, the following persons will not be considered as managing general agents for the purposes of this chapter:(1) An employee of the insurer.(2) A United States manager of the United States branch of an alien insurer.(3) An underwriting manager which, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, subject to chapter 26.1-10, and whose compensation is not based on the volume of premiums written.(4) The attorney in fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney.4. "Underwrite" means the authority to accept or reject risk on behalf of the insurer.