Section 42.02. Licensure required.

 

(1)  No person, including, but not limited to, a natural person, may act as a managing general agent for an insurer with respect to a risk located in this state unless the person is licensed as a managing general agent under s. 628.04 or 628.09 , Stats.

(2)  No person, including, but not limited to, a natural person, may act as a managing general agent representing an insurer domiciled in this state with respect to a risk located outside this state unless the person is licensed as a managing general agent under s. 628.04 or 628.09 , Stats.

(3)  No insurer, and no officer or director of an insurer, may knowingly assent to or permit a person to act as a managing general agent for the insurer if the person fails to comply with this chapter.

(4)  The commissioner may require a managing general agent to maintain a bond in an amount acceptable to the commissioner for the protection of each insurer for which the person acts as managing general agent.

(5)  The commissioner may require a managing general agent to maintain an errors and omissions policy.

(6)  The commissioner may refuse to issue, suspend, summarily suspend or revoke the license of a managing general agent for violation of chs. 600 to 645 , Stats., any rule adopted under chs. 600 to 645 , Stats., or on any grounds described in s. 628.10 , Stats.

History: Cr. Register, July, 1993, No. 451 , eff. 8-1-93.