I. No person, firm, association, corporation, or other entity shall act as an MGA until an MGA license has been issued by the commissioner. The license shall be renewed annually thereafter so long as the MGA complies with applicable law and rules and upon remittance of the renewal fee. II. No person, firm, association, or corporation shall act in the capacity of an MGA with respect to risks located in this state for an insurer licensed in this state, unless such person is a licensed producer in this state. III. No person, firm, association, or corporation shall act in the capacity of an MGA representing an insurer domiciled in this state with respect to risks located outside this state unless such person is licensed as a producer in this state, pursuant to the provisions of this chapter. Such license may be a nonresident license. IV. The commissioner may require a bond in an amount acceptable to the commissioner for the protection of the insurer. V. The commissioner may require the MGA to maintain an errors and omissions policy. VI. The commissioner may require financial and other data in form and context satisfactory to the commissioner as part of the license application process.
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