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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.148.  Managing general agents must be licensed producers — risks located outside state — requirements — bond may be required, also errors and omissions policy. — 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 pursuant to the provisions of sections 375.147 to 375.153.  Such license may be a nonresident license.

  3.  The director may require a bond in an amount acceptable to him for the protection of the insurer.

  4.  The director may require the managing general agent to maintain an appropriate errors and omissions policy for the protection of any person, firm, association or corporation which may be affected by the activities of the managing general agent.

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(L. 1990 H.B. 1739 § 7)

Effective 7-01-91


< end of effective 01 Jul 1991 >

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