769.82
Effective Jan 1, 2012Amended by Stats. 2011, Ch. 411, Sec. 5. (AB 1416) Effective January 1, 2012.
- (a) No producer shall act in the capacity of an MGA with respect to risks located in this state for an insurer that holds a certificate of authority unless that producer is licensed as a property broker-agent and casualty broker-agent, or as a life agent in this state.
- (b) No producer shall act in the capacity of an MGA representing an insurer domiciled in this state with respect to risks located outside this state unless that producer is licensed as a property broker-agent and casualty broker-agent, or as a life agent in this state.
- (c) The commissioner may require a fidelity bond in an amount acceptable to him or her for the protection of the insurer.
- (d) The commissioner may require the MGA to maintain an errors and omissions policy. If a policy is not generally available at a reasonable cost, the commissioner may, by rule, suspend the requirement of this subdivision until that coverage becomes generally available at a reasonable cost.