(a) No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless such person is licensed as a producer and holds an appointment by the insurer in this state.
(b) No person, firm, association or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless such person is licensed as a producer and holds an appointment by the insurer in this state. A nonresident license is sufficient for this purpose.
(c) The commissioner may require a bond in a reasonable amount for the protection of the insurer.
(d) The commissioner may require the managing general agent to maintain an errors and omissions policy.
(P.A. 91-262, S. 12, 19; P.A. 94-160, S. 2, 24.)
History: P.A. 94-160 replaced references to agents with references to producers, effective January 1, 1996.