(a) A person, a firm, an association, or a corporation may not act in the capacity of an MGA with respect to risks located in Indiana for an insurer licensed in Indiana unless that person is a licensed producer in Indiana.(b) A person, a firm, an association, or a corporation may not act in the capacity of an MGA representing an insurer domiciled in Indiana with respect to risks located outside Indiana unless that person is licensed as a producer in Indiana pursuant to the provisions of this chapter. For the purposes of this subsection, a person is licensed as a producer in Indiana if that person holds a nonresident license.(c) The commissioner may require a bond in an amount determined by the commissioner for the protection of the insurer.(d) The commissioner may require an MGA to maintain an errors and omissions policy.As added by P.L.1-1992, SEC.148.
Indiana Legal Code