§ 27-51-3 — § 27-51-3. Licensure.

Rhode Island § 27-51-3

• Jurisdiction: Rhode Island
• Title 27: Insurance
• Ch. 27-51: Managing General Agents Act

Text

§ 27-51-3. Licensure.

(a) No person, firm, association, or corporation shall act in the capacity of an MGA with respect to risks located in this state for an insurer licensed in this state unless that person, firm, association, or corporation is a licensed producer in this state.

(b) No person, firm, association, or corporation shall act in the capacity of an MGA representing an insurer domiciled in this state with respect to risks located outside this state unless that person, firm, association, or corporation is licensed as a producer in this state. The license may be a nonresident license pursuant to the provisions of this chapter.

(c) The commissioner may require a bond in an amount acceptable to the commissioner for the protection of the insurer.

(d) The commissioner may require the MGA to maintain an errors and omissions policy.

Legislative History

P.L. 1992, ch. 445, § 1.