[§431:9A-102] Licensure. (a) No person, firm, association, or corporation shall act as a managing general agent, with respect to risks located in this State for an insurer licensed in this State, unless licensed as a general agent in this State.

(b) No person, firm, association, or corporation shall act as a managing general agent, representing an insurer domiciled in this State with respect to risks located outside this State, unless licensed as a general agent in this State.

(c) The commissioner may require the managing general agent to furnish a bond in an amount acceptable to the commissioner with an insurance company acceptable to the commissioner for the protection of the insurer.

(d) The commissioner may require the managing general agent to maintain an errors and omissions policy in an amount acceptable to the commissioner with an insurance company acceptable to the commissioner. [L 1992, c 176, pt of §4]