LICENSURE.

60H.03 LICENSURE. § Subdivision 1.Risks located in state. A managing general agent representing an insurer licensed in this state with respect to risks located in this state must be licensed in this state. § Subd. 2.Risks located outside of state. A managing general agent representing an insurer domiciled in this state with respect to risks located outside this state must be licensed in this state as a managing general agent. The license may be a nonresident license. § Subd. 3.Requirements. The commissioner may require a bond in an amount acceptable for the protection of the insurer. The commissioner may require the managing general agent to maintain an errors and omissions policy. § Subd. 4.Term and fees. The term of a managing general agent license issued under this section and the license fees imposed are the same as those applicable to a licensed insurance agent under chapter 60K. History: 1991 c 325 art 4 s 3; 2000 c 483 s 5; 2000 c 488 art 2 s 2