31A-23a-601. Licensure.
(1) A person, firm, association, or corporation may not act in the capacity of managing
general agent with respect to risks located in this state for an insurer licensed in this state unless
the person is a licensed producer in this state.
(2) A person, firm, association, or corporation may not 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 the person is licensed as a producer in this state pursuant to this chapter. The
license may be a nonresident license.
(3) The commissioner may require a bond in an amount he finds acceptable for the
protection of each insurer represented.
(4) The commissioner may require the managing general agent to maintain an errors and
omissions policy or other security acceptable to the commissioner.
Renumbered and Amended by Chapter 298, 2003 General Session
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Last revised: Thursday, May 28, 2009