(1) No person, firm, association, or corporation shall act in the capacity of an MGA with respect to risks located in this state for an insurer licensed in this state unless such person is a licensed producer in this state.
No person, firm, association, or corporation shall act in the capacity of an MGArepresenting an insurer domiciled in this state with respect to risks located outside this state unless such person is licensed as a producer in this state (such license may be a nonresident license) pursuant to the provisions of this part 10.
The commissioner may require a bond in an amount acceptable to the commissionerfor the protection of the insurer.
The commissioner may require the MGA to maintain an errors and omissions policy.
Source: L. 93: Entire article R&RE, p. 1384, § 1, effective January 1, 1995.
Editor's note: This section is similar to former § 10-2-403 as it existed prior to 1993.