A. No person shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer unless such person is licensed as a producer pursuant to the Oklahoma Producer Licensing Act.
B. No person 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 pursuant to the Oklahoma Producer Licensing Act. Provided, such license may be a nonresident license.
C. The Insurance Commissioner may require a bond in the amount acceptable to the Commissioner for the protection of the insurer.
D. The Insurance Commissioner may require the managing general agent to maintain an errors and omissions policy.
Added by Laws 1991, c. 134, § 3, eff. July 1, 1991. Amended by Laws 2012, c. 44, § 4, eff. Nov. 1, 2012.