MGA Renewals Online or by Paper!
We are currently working with Sircon to ensure that you will be able to process your renewal online (available by May 22nd) or by paper by going to MGA RENEWAL, under ONLINE SERVICES Click on the Sircon Logo for online service or click on the MGA Mail-in Renewal Form. Complete this form and mail in with payment and any necessary attachments (see below.)
ONE OF THE NEW REQUIREMENTS at time of renewal for MGA’s is reporting the past year’s amount of claims handled or premiums collected. This is for purposes of insuring that the bond in place is adequate per Title 41, Idaho Code, Section 41-1503 (3). One of the ways in which you can prepare for this year’s renewal is to examine whether or not your MGA bond is adequate. At time of renewal, you would be required to send a bond rider if the bond is not adequate. The MGA bond amount should reflect a minimum of 10% of claims handled/premiums collected over the previous calendar year. An adjustment can be made prior to or at time of renewal.
If you have entered into ANY NEW AGREEMENTS WITH AUTHORIZED INSURERS pursuant to Idaho Code §41-1505, a copy of the agreement must be filed with the department and can be attached to this renewal if not already reported.
Questions, please contact the department at 208-334-4250 or Producer Licensing Section.