MGA License Renewal
The Managing General Agent license expires at midnight on June 30 th of every year.
Please complete the MGA renewal form and send with appropriate attachments and fees.
If renewing on or before June 30 th , the fee is $80
If renewing on or after July 1 st , the fee is $160
One of the requirements at time of renewal for MGA's is reporting 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 original.)
If you have entered into 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 if you have any questions: 208-334-4250 or email.