A nonresident may be licensed as an insurance broker by the director or his designee if the following requirements are met: (1) filing an application on a form prescribed by the director or his designee; (2) paying a biennial license fee of two hundred dollars fully earned when received, not refundable; (3) an aggrieved person may institute an action in the county of his residence against the broker to recover damages. A copy of the summons and complaint in the action must be served on the director, who is not required to be made a party to the action; (4) paying the department, within thirty days after March thirty-first, June thirtieth, September thirtieth, and December thirty-first each year, the broker's premium tax rate upon premiums for policies of insurers not licensed in this State. In computing total premiums, return premiums on risks and dividends paid or credited to policyholders are excluded. The credit must be refunded to the policyholder. Effect of Amendment 2016 Act No. 194, SECTION 3, deleted former (2) and (3), relating to affidavit requirements, and redesignated former (4) through (6) as (2) through (4).
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