Section 177H: Managing general agent; licensure and errors and omissions coverage required
106 words·~1 min read·
/ma/part-i/title-xxii/chapter-175/177h·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 177H.
(A)No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in the commonwealth for an insurer licensed in the commonwealth unless such person:
(i)is a licensed producer in the commonwealth; and
(ii)maintains errors and omissions coverage.
(B)No person, firm, association or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in the commonwealth with respect to risks located outside the commonwealth unless such person:
(i)is a licensed producer in the commonwealth, whether resident or non-resident; and
(ii)maintains errors and omissions coverage.