Missouri Laws 375.148 – Managing general agents must be licensed producers — risks located outside ..
1. No person, firm, association or corporation 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 such person is a licensed producer in this state.
2. No person, firm, association or corporation 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 such person is licensed as a producer in this state pursuant to the provisions of sections 375.147 to 375.153. Such license may be a nonresident license.
Terms Used In Missouri Laws 375.148
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Director: the director of the department of commerce and insurance. See Missouri Laws 375.001
- Insurer: all insurance companies, reciprocals, or interinsurance exchanges transacting the business of insurance in this state. See Missouri Laws 375.001
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Policy: a contract of insurance providing fire and extended coverage insurance, whether separately or in combination with other coverages, on owner-occupied habitational property not exceeding two families. See Missouri Laws 375.001
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
3. The director may require a bond in an amount acceptable to him for the protection of the insurer.
4. The director may require the managing general agent to maintain an appropriate errors and omissions policy for the protection of any person, firm, association or corporation which may be affected by the activities of the managing general agent.