Contract Compliance Checklist Template - Free Download
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Contract Reference
Location
Department Use
IC 27-1-33-7-(1)
Insurer may terminate the contract for cause upon written notice to the MGA,
and may suspend the underwriting authority of the MGA during the pendency of
any dispute regarding the cause of termination.
IC 27-1-33-7(2)
The MGA will:
(a) Render Accounts to the reinsurer detailing all
transactions; and
(b) Remit all funds due under the contract to the insurer on
not less than a monthly basis.
IC 27-1-33-7(3)
All funds collected for the account of an insurer will be held by the MGA in a
fiduciary capacity in a bank that is a member of the Federal Reserve System. This
account shall be used for all payments on behalf of the insurer. The MGA may
retain not more than three (3) months estimated claims payments and allocated
loss adjustment expenses.
IC 27-1-33-7(4)
Separate records of business written by the MGA shall be maintained. The insurer
shall have access and right to copy all accounts and records related to its business
in a form usable by the insurer, and the commissioner shall have access to all
books, bank accounts, and records of the MGA in a form useable to the
commissioner.
IC 27-1-33-7(5)
Contracts may not be assigned in whole or part by the MGA
MGA Contract Compliance Checklist
The MGA Contract Compliance Checklist along with a copy of the contract between the MGA and Insured, should be provided
with ALL Initial MGA applications and anytime there is a change in the contract of a renewing MGA applicant. If there have not
been changes made to the existing contract, no checklist or contract copy is required for renewals
Directions: Please indicate where in the contract each State code citation is referenced.
The exact location should be indicated. (ex. Page 4, Article IV, Section B, 1(a)
Highlight each location within the contract.
source: in.gov
