Delaware Code Title 18. Insurance Code § 1802. Definitions

(1) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries.

(2) “Insurer” means any person, firm, association or corporation duly licensed in this State as an insurance company pursuant to Chapter 17 of this title.

(3) “Managing general agent” (“MGA”) means 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 (including the management of a separate division, department or underwriting office) and acts as an agent for such insurer whether known as a managing general agent, manager or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than 5 percent of the policyholder surplus as reported in the last annual statement of the insurer in any 1 quarter or year together with 1 or more of the following:

(4) “Underwrite” means the authority to accept or reject risk on behalf of the insurer.