Title 38, Chapter 44 of the South Carolina Code of Laws is cited as the Managing General Agents Act. A person must comply with all of the mandated requirements to be approved as a managing general agent (MGA).
The person must meet the definition of an MGA as defined in §38-44-20(3)(a) of the Managing General Agents Act.
The person must be acting in that capacity for an insurer as defined in §38-44-20(2) of the Managing General Agents Act. Specifically, the insurer must be domiciled within the State of South Carolina.
After reviewing the Managing General Agents Act and both of the specific criteria above are met, if it is determined that approval as an MGA is required, then the insurer must provide the following to the department:
A copy of the MGA's South Carolina producer license. All South Carolina producer licensing requirements must be met before an MGA applicant will even be considered for approval.
A copy of the MGA’s State of South Carolina Office of Secretary of State Certificate of Authorization.
A copy of the $50,000 fidelity bond for the protection of the insurer as mandated in Section §38-44-30(C).
A copy of the contract in force between the insurer and the MGA as required by §38-44-40, which contains the minimum provisions outlined in that section.