AUTHORIZATION AND APPOINTMENT REQUIREMENTS Sample Clauses
The "Authorization and Appointment Requirements" clause defines the necessary conditions and documentation a party must provide to demonstrate it has the legal authority to enter into the agreement and to appoint representatives or agents. Typically, this clause requires parties to furnish evidence such as corporate resolutions, powers of attorney, or other official documents confirming their authorization. By setting out these requirements, the clause ensures that all parties are properly empowered to act, reducing the risk of disputes over authority and helping to prevent unauthorized commitments.
AUTHORIZATION AND APPOINTMENT REQUIREMENTS. To obtain authorization or an appointment, if applicable, to write any of the lines of CARRIERS BUSINESS, an AGENCY or AGENT must:
1. Have and continuously maintain all licenses in the state in which it does business as required by applicable state law and to, otherwise be in good standing with the Department of Insurance of that state; and
2. Not have been either suspended or terminated for cause by MGA or CARRIERS; and
3. With respect to all employees, representatives or producers of the AGENCY or AGENT required to be licensed pursuant to applicable state law, be duly licensed in the state in which they conduct business and otherwise comply with all laws and regulations of such state during the Term of this AGREEMENT; and
4. Abide by all of the terms and provisions of this AGREEMENT. MGA reserves the right, to be exercised in its sole discretion, to decline to authorize and/or appoint any AGENCY or AGENT who fails to comply with and satisfy the licensure and/or appointment criteria, as applicable, established by MGA or CARRIERS at the inception of, and at all times during, the Term of this AGREEMENT.
AUTHORIZATION AND APPOINTMENT REQUIREMENTS. Agency must:
A. Have and continuously maintain all licenses in the state in which it does business as required by applicable state law and to otherwise be in good standing with the Department of Insurance of that state;
B. Not have been either suspended or terminated for cause by Company;
C. With respect to all employees, representatives, agents or sub-agents of the Agency required to be licensed pursuant to applicable state law, be duly licensed in the state in which they conduct business and otherwise comply with all laws and regulations of such stated during the Term of this Agreement;
D. Abide by all of the terms and provisions of this Agreement.
AUTHORIZATION AND APPOINTMENT REQUIREMENTS. A. To obtain authorization or an appointment, if applicable, to write any of the lines of CARRIERS BUSINESS, an AGENCY or AGENT must:
1. Have and continuously maintain all licenses in the state in which it does business as required by applicable state law and to, otherwise be in good standing with the Department of Insurance of that state; and
2. Not have been either suspended or terminated for cause by MGA or CARRIERS; and
3. With respect to all employees, representatives or producers of the AGENCY or AGENT required to be licensed pursuant to applicable state law, be duly licensed in the state in which they conduct business and otherwise comply with all laws and regulations of such state during the Term of this AGREEMENT; and
4. Abide by all of the terms and provisions of this AGREEMENT.
B. MGA reserves the right, to be exercised in its sole discretion, to decline to authorize and/or appoint any AGENCY or AGENT who fails to comply with and satisfy the licensure and/or appointment criteria, as applicable, established by MGA or CARRIERS at the inception of, and at all times during, the Term of this AGREEMENT.
C. AGENCY or AGENT hereby represent and affirm that they comply with all criteria identified in SECTION I. A. 1.-4. above.
D. Upon reliance of AGENCY’s or AGENT’s representation of compliance with the criteria identified above, MGA hereby authorizes or appoints AGENCY or AGENT to write the lines of CARRIERS BUSINESS pursuant to this AGREEMENT and Schedule A.
AUTHORIZATION AND APPOINTMENT REQUIREMENTS. To obtain authorization or an appointment, if applicable, to write any of the lines of Company Business, an Agency or Agent must:
1. Have and continuously maintain all licenses in the state in which it does business as required by applicable state law and to otherwise be in good standing with the Department of Insurance of that state and not have been either suspended or terminated for cause by MGA or Company; and
2. All employees, representatives or agents of the Agency or Agent required to be licensed pursuant to applicable state law must be duly licensed in the state in which they conduct business and otherwise comply with all laws and regulations of such state; and
3. Abide by all of the terms and provisions of this Agreement. MGA reserves the right, to be exercised in its sole discretion, to decline to authorize and/or appoint any agency or agent who fails to comply with and satisfy the licensure and/or appointment criteria, as applicable, established by MGA or Company at the inception of, and at all times during, the Term of this Agreement. This Agreement supersedes and replaces any prior or contemporaneous agreements or understandings, whether oral or written, existing between the parties hereto in reference to the subject matter of authorization and appointment.