Sec. 38a-90b. Licensing of managing general agents.
141 words·~1 min read·
/ct/title-38a/chapter-698-insurers/38a-90b·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)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 is licensed as a producer and holds an appointment by the insurer in this state.
(b)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 is licensed as a producer and holds an appointment by the insurer in this state. A nonresident license is sufficient for this purpose.
(c)The commissioner may require a bond in a reasonable amount for the protection of the insurer.
(d)The commissioner may require the managing general agent to maintain an errors and omissions policy.