83-18-105 - License required to act as managing general agent; bonding requirement; rules and regulations.
§ 83-18-105. License required to act as managing general agent; bonding requirement; rules and regulations.
(1) 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 a licensed producer in this state.
(2) 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 in this state (such license may be a nonresident license) under Sections 83-18-101 through 83-18-111.
(3) The commissioner may require a bond in an amount acceptable to him for the protection of the insurer. The commissioner may require the managing general agent to maintain an errors and omissions policy.
(4) The commissioner may adopt reasonable rules and regulations to implement Sections 83-18-101 through 83-18-111.
Sources: Laws, 1992, ch. 329, § 3, eff from and after July 1, 1992.