(a) A firm shall have a firm license, the scope of which includes all lines and classes of authority of each individual employee of the firm. (b) A firm may not be licensed as an insurance producer, managing general agent, reinsurance intermediary broker, reinsurance intermediary manager, surplus lines broker, or independent adjuster, or transact insurance unless each individual employed by the firm as an insurance producer, managing general agent, surplus lines broker, trainee independent adjuster, or independent adjuster is licensed and has entered into an employment contract with the firm. (c) If the director determines under AS 21.06.170 - 21.06.240 that a firm knew or should have known of an act or representation made on the firm's behalf by a person not licensed as required by this chapter, the firm and the firm's compliance officer are subject to the penalties provided under AS 21.27.440.
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