Licensure. (a) No person, firm, association, or corporation shall act in the capacity of a managing general agent with respect to risks located in the District for an insurer licensed in the District, unless the person is a licensed broker in the District. (b) No person, firm, association, or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in the District with respect to risks located outside the District, nor shall an insurer utilize the services of such a managing general agent, unless the person is licensed as a broker in the District, which license may be a nonresident license, pursuant to the provisions of this chapter. (c) The Mayor may require a bond in an amount acceptable to him or her for the protection of the insurer. (d) The Mayor may require the managing general agent to maintain an errors and omissions policy. (Oct. 21, 1993, D.C. Law 10-41, § 3, 40 DCR 6014; May 16, 1995, D.C. Law 10-255, § 29(a), 41 DCR 5193.) Prior Codifications 1981 Ed., § 35-3002.
District of Columbia Legal Code