1. A person shall not act in the capacity of a managing general agent with respect torisks locatedinthis state foran insurer licensed in thisstate unless the personis a licensed producer in this state. 2. A person shall not act in the capacity of a managing general agent representing an insurer domiciled in this state with respect torisks located outside thisstate unless the person islicensed as a resident or nonresident producer in this state pursuant to the provisions of this chapter. 3. The commissioner may require a bond for each company represented by a managing general agent in an amount acceptable to the commissioner for the protection of the insurer. 4. The commissioner may require a managing general agent to maintain an errors and omissions policy.
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