- 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 MGA representing 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 commissioner for 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.