Section 802. Licensure.--(a) No person, firm, association or corporation shall act in the capacity of an MGA with respect to risks located in this Commonwealth for an insurer licensed in this Commonwealth unless such person is a licensed agent in this Commonwealth.
(b) No person, firm, association or corporation shall act in the capacity of an MGA representing an insurer domiciled in this Commonwealth with respect to risks located outside this Commonwealth unless that person is licensed as an agent in this Commonwealth. This license may be a nonresident license issued under this article.
(c) The department may require a bond in an amount acceptable to it for the protection of the insurer.
(d) The department may require the MGA to maintain an errors and omissions policy.
(802 added Dec. 18, 1992, P.L.1496, No.177)
Compiler's Note: Section 13 of Act 177 of 1992, which added Article VIII, provided that manager and exclusive general agents licensed in accordance with section 651 and subject to the provisions of Article VIII, as added by Act 177, shall be required to comply with Article VIII upon renewal of their existing license or upon the effective date of Act 177, whichever occurs later.