Additional Limitations on Authority Sample Clauses

Additional Limitations on Authority. The Company does not grant MGA authority to, and MGA shall not: a. Cede, purchase, or bind any reinsurance or retrocession, including but not limited to facultative or treaty, on behalf of the Company without approval by the Company. b. Commit the Company to participate in insurance or reinsurance syndicates. c. Appoint any Agent or producer without assuring that such Agent is lawfully licensed to transact the type of insurance for which such Agent is appointed. d. Collect any payment from a reinsurer or commit the insurer to any claims settlement with a reinsurer without the Company’s prior approval. If prior approval is given, a report must be promptly forwarded to the Company. e. Without the prior approval of the Company, pay or commit the Company to pay a claim over a specified amount, net of reinsurance, which exceeds 1 percent of the Company’s policyholder’s surplus as of December 31 of the last completed calendar year. f. Jointly employ an individual who is employed with the Company.