A nonresident may be licensed as an insurance broker by the director or his designee if the following requirements are met:

1. (1) filing an application on a form prescribed by the director or his designee;
2. (2) filing an affidavit stating he will not during the period of the license place, directly or indirectly, insurance on a risk located in this State except through licensed agents of insurers licensed to do business in this State;
3. (3) filing an affidavit stating he is a licensed broker in another state;
4. (4) paying a biennial license fee of two hundred dollars fully earned when received, not refundable;
5. (5) An aggrieved person may institute an action in the county of his residence against the broker to recover damages. A copy of the summons and complaint in the action must be served on the director, who is not required to be made a party to the action.
6. (6) paying the department, within thirty days after March thirty-first, June thirtieth, September thirtieth, and December thirty-first each year, a broker's premium tax of four percent upon premiums for policies of insurers not licensed in this State. In computing total premiums, return premiums on risks and dividends paid or credited to policyholders are excluded. Such credit must be refunded to the policyholder.