(a) No person shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless the person is a licensed agent or broker in this state. (b) No person shall act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless the person is licensed and appointed as an agent or broker in this state. (c) The commissioner may: (i) Require a bond from any managing general agent in an amount and from an insurer acceptable to him for the protection of each insurer; (ii) Require the managing general agent to maintain an errors and omissions policy sufficient to protect the insurer; and (iii) Impose upon any person acting in the capacity of a managing general agent under subsection (a) or (b) of this section, a biennial fee not to exceed one hundred dollars ($100.00). This fee shall be in addition to any other fees required under this code.
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