1. (a) A person, a firm, an association, or a corporation may not act in the capacity of an MGA with respect to risks located in Indiana for an insurer licensed in Indiana unless that person is a licensed producer in Indiana.
2. (b) A person, a firm, an association, or a corporation may not act in the capacity of an MGA representing an insurer domiciled in Indiana with respect to risks located outside Indiana unless that person is licensed as a producer in Indiana pursuant to the provisions of this chapter. For the purposes of this subsection, a person is licensed as a producer in Indiana if that person holds a nonresident license.
3. (c) The commissioner may require a bond in an amount determined by the commissioner for the protection of the insurer.
4. (d) The commissioner may require an MGA to maintain an errors and omissions policy.

As added by P.L.1-1992, SEC.148.