Revised Statues - Chapter 44 Insurance

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, firm, association, or corporation is licensed in accordance with the Insurance Producers Licensing Act. 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, firm, association, or corporation is licensed in accordance with such act. The director may require a bond in an amount acceptable to him or her for the protection of the insurer. The director may require a managing general agent to maintain an errors and omissions policy.