General Agent’s Authority Clause Samples

General Agent’s Authority. General Agent shall not have the authority to collect any payment from a Reinsurer or to commit Company to any claim settlement with a Reinsurer, without Company’s express written consent. General Agent shall have no authority to cede, arrange, facilitate or bind Company with regard to reinsurance. Binding authority for all reinsurance agreements shall rest with Company. [**] CERTAIN INFORMATION ON THIS PAGE HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS. Managing General Agency Agreement Effective July 1, 2006

General Agent’s Authority. Th e Ge n e ra l Age n t s ar e:

General Agent’s Authority. Th e Ge n e ra l Age n t s ar e h e r eb y dele- g a t ed au t h o r i t y t o un de r t a k e fo r t h e a cco un t of t h e N a t io na l Sh ippi n g A u- t h o r i t y o n l y s u c h e m e r ge n c y r ep a i r s o u t side t h e Co n t i n e n t a l U n i t ed S t a t es a s m ay be n ecess ary t o e na ble vessels t o co m ple t e t h ▇▇ ▇ ▇▇ ya ges, p r ovided t h e r ep a i r cos t s ar e n o t i n excess of $5,000 pe r vessel.

General Agent’s Authority. General Agent shall not have the authority to collect any payment from a Reinsurer or to commit Company to any claim settlement with a Reinsurer, without Company’s express written consent. General Agent shall have no authority to cede, arrange, facilitate or bind Company with regard to reinsurance. Binding authority for all reinsurance agreements shall rest with Company. [**] CERTAIN INFORMATION ON THIS PAGE HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS. 26 Managing General Agency Agreement Effective July 1, 2006 Article 23 – Prohibited Acts In addition to limitation and prohibitions of General Agent’s authority under this Agreement as provided for herein above, it is understood and agreed that General Agent shall have no authority to: (a) bind reinsurance or retrocessions on behalf of Company; (b) commit Company to participate in insurance or reinsurance syndicates; (c) appoint any insurance producer or broker on behalf of Company, except in accordance with the provisions of subsection 5.6 of this Agreement; (d) appoint any sub-managing general agents; or (e) collect any payment from a Reinsurer or commit Company to any claim settlement with a Reinsurer without the prior written approval of Company. In the event such prior written approval is received, a report detailing such payment or settlement must be promptly forwarded to Company. Article 24 –