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Managing General Agent

An MGA (Managing General Agent) is a separate license type in Idaho.  Agencies wishing to act as an MGA in Idaho must hold a separate, active Property and Casualty Producer license before applying for an MGA license.  The MGA license is a one year license, expiring on June 30th of each year. See additional MGA pages for more detailed MGA Licensing/Renewal information.

Idaho Code

Idaho Statutes, Title 41: Chapter 15

IDAPA 18.01.64

Definitions

Managing general agent (MGA): Any person, firm, association or corporation who negotiates and binds ceding reinsurance contracts on behalf of an insurer or manages all or part of the insurance business of an insurer

Insurer: Any person, firm, association or corporation duly licensed in this state as an insurance company pursuant to and acting consistent with the definitions provided in sections 41-103 and 41-112, Idaho Code.

For a full list of insurance licensing terms please click here.

License Requirements

MGA’s must:

  • Hold a separate, active Property and Casualty Producer license in Idaho.
  • Have and maintain a SURETY bond in the amount of $5,000 or 10% of the total funds handled in the preceding year, whichever is greater.
  • Provide proof of an Errors and Omissions policy with a limit of $250,000 or 25% of the gross amount of direct written premiums received by an insurer for the previous year that are attributable to you as their MGA, whichever is greater.
  • Provide a list of the names and addresses of all insurers doing business in the State of Idaho or Idaho domestic insurers with which you have a contract to act as their MGA.
  • Provide a verified statement on the DOI form that these MGA contracts contain provisions required by §41-1504 of Idaho Code.

Application Checklist

  • Complete and return MGA Licensing Packet
  • Hold a separate, active Property and Casualty Producer license in Idaho
  • Have and maintain a SURETY bond in the amount of $5,000 or 10% of the total funds handled in the preceding year, whichever is greater
  • Provide proof of an Errors and Omissions policy with a limit of $250,000 or 25% of the gross amount of direct written premiums received by an insurer for the previous year that are attributable to you as their MGA, whichever is greater
  • Provide a list of the names and addresses of all insurers doing business in the State of Idaho or Idaho domestic insurers with which you have a contract to act as their MGA
  • Provide a verified statement on the DOI form that these MGA contracts contain provisions required by §41-1504 of Idaho Code
  • Non-refundable Fee: $80. Checks should be made payable to the Idaho Department of Insurance and application and attachments should be mailed to:

Idaho Department of Insurance
700 W State Street, 3rd Floor
PO Box 83720
Boise ID 83720-0043

Renewal Information

The licensing period for MGA’s is from July 1- June 30th.  All MGA licenses expire at midnight on June 30th of every year.

  • MGA renewals must be done by paper.  You can download a form here: MGA Renewal Form
  • If renewing prior on or prior to June 30th, the fee is $80.  If renewing on or after July 1st, the fee is $160.
  • The Department of Insurance considers the renewal of the licenses solely the responsibility of the licensee. No reminder from the Department is needed or guaranteed concerning the renewal period.
  • The Department considers the renewal of your license to be your responsibility, regardless of whether you receive notice or not.
  • Additional information regarding renewals:
    • You must report the previous year’s amount of claims handled or premiums collected for Idaho. This is for purposes of insuring that the bond in place is adequate per Title 41, Idaho Code, Section § 41-1503 (3). The MGA bond amount should reflect a minimum of 10% of combined claims handled/premiums collected over the previous calendar year. Minimum bond is $5,000. No maximum has been set. An adjustment can be made at time of renewal by sending a bond rider or new bond (Department must have the original bond/rider.)
    • You must report any new agreements with authorized insurers pursuant to Idaho Code §41-1505, a list of new agreements may be reported in the following format:
  • Name of authorized insurer
  • Date of agreement
  • Confirmation the agreement is in compliance with the provisions in Title 41, Chapter 1.
  • A copy of the agreement is not required, unless specifically requested by the Department.
  • If you have had a change of officers, please send an updated list that includes name and title only.

Please contact the Department, 208-334-4250, and ask for Producer Licensing if you need to make special arrangements.

Reporting of Actions

     All Producers and Agencies have a duty to report any criminal or administrative actions to the Idaho Department of Insurance within 30 days per §41-5819

    The Department encourages producers to use the NIPR Reporting of Actions Warehouse at www.nipr.com as a convenient means to post their documents and explanations to report to any state in which they are licensed.

Have more questions?
Contact the Licensing Team

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