60H.03 LICENSURE.
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/mn/chapter-60/60h-03A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
60H.03 LICENSURE.
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Subdivision 1. Risks located in state.
A managing general agent representing an insurer licensed in this state with respect to risks located in this state must be licensed in this state.
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Subd. 2. Risks located outside of state.
A managing general agent representing an insurer domiciled in this state with respect to risks located outside this state must be licensed in this state as a managing general agent. The license may be a nonresident license.
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Subd. 3. Requirements.
The commissioner may require a bond in an amount acceptable for the protection of the insurer. The commissioner may require the managing general agent to maintain an errors and omissions policy.
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Subd. 4. Term and fees.
The term of a managing general agent license issued under this section and the license fees imposed are the same as those applicable to a licensed insurance agent under chapter 60K.