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. Credit may be taken for tax on policies canceled flat within forty-five days of the effective policy date as long as the business was placed in good faith and the policy was canceled at the request of the insured.