§431:9C-102  Licensure.  (a)  No person,
firm, association, or corporation shall act as a managing general agent, with respect
to risks located in this State for an insurer licensed in this State, unless
licensed as a producer in this State.



(b)  No person, firm, association, or
corporation shall act as a managing
general agent, representing an insurer domiciled in this State
with respect to risks located outside this State, unless licensed as a producer
in this State.



(c)  The commissioner shall require the
managing general agent to furnish a bond in an amount equal to $100,000 or ten
per cent of annual gross direct written premiums, whichever is greater, with an
insurance company licensed to do business within the State or with an insurance
company approved by the commissioner, for the protection of the insurer.  Each
managing general agent shall provide the commissioner with:



(1)  Proof of the bond at the time of the initial
application for licensure;



(2)  Appropriate documentation at the time of each renewal
to show that the bond continues to be in effect or that a new bond has been
secured; and



(3)  Any other report required by the commissioner.



(d)  The commissioner shall require the
managing general agent to maintain an errors and omissions policy in an amount
equal to $1,000,000 or twenty-five per cent of annual gross direct written
premiums, whichever is greater, with an insurance company licensed to do
business within the State or an insurance company approved by the
commissioner.  Each managing general agent shall provide the commissioner with:



(1)  Proof of the policy at the time of the initial
application for licensure;



(2)  Appropriate documentation at the time of each
renewal to show that the policy continues to be in effect or that a new policy
has been secured; and



(3)  Any other report required by the commissioner. [L
2002, c 155, pt of §2; am L 2003, c 212, §70; am L 2006, c 189, §7]