§431:9-213 Licenses to partnerships and corporations. (a) A partnership or a corporation shall not be licensed as a general agent or subagent unless each individual to be empowered and designated in the license to exercise the powers conferred by the license is qualified as though the individual were the sole individual to be so empowered.

(b) Any individual so designated or empowered by a corporation or partnership must be a resident of this State and may not be so empowered or designated by more than one corporation or partnership, except when the corporations or partnerships are affiliates of each other. As used herein, a corporation or partnership is an affiliate of another corporation or partnership if the same person, directly or indirectly through one or more intermediaries, controls both corporations or partnerships. As used herein, "control" and "controls" have the same meaning as in section 431:11-102.

(c) Exercise or attempted exercise of such powers by an individual not so designated, with the knowledge or consent of the licensee, shall constitute cause for the revocation or suspension of the license. [L 1987, c 347, pt of §2; am L 1989, c 207, §8]