§ 27-51-3 - Licensure.
SECTION 27-51-3
§ 27-51-3 Licensure. – (a) No person, firm, association, or corporation shall act in the capacity ofan MGA with respect to risks located in this state for an insurer licensed inthis state unless that person is a licensed producer in this state.
(b) No person, firm, association, or corporation shall act inthe capacity of an MGA representing an insurer domiciled in this state withrespect to risks located outside this state unless that person is licensed as aproducer in this state. The license may be a nonresident license pursuant tothe provisions of this chapter.
(c) The commissioner may require a bond in an amountacceptable to him or her for the protection of the insurer.
(d) The commissioner may require the MGA to maintain anerrors and omissions policy.