§ 26-46-102 — License required

(a) No person shall act in the capacity of a managing
general agent with respect to risks located in this state for an
insurer licensed in this state unless the person is a licensed
agent or broker in this state.
(b) No person shall act in the capacity of a managing
general agent representing an insurer domiciled in this state
with respect to risks located outside this state unless the
person is licensed and appointed as an agent or broker in this
state.
(c) The commissioner may:
(i) Require a bond from any managing general agent in
an amount and from an insurer acceptable to him for the
protection of each insurer;
(ii) Require the managing general agent to maintain
an errors and omissions policy sufficient to protect the
insurer; and
(iii) Impose upon any person acting in the capacity
of a managing general agent under subsection (a) or (b) of this
section, a biennial fee not to exceed one hundred dollars
($100.00). This fee shall be in addition to any other fees
required under this code.