Sec. 6. (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.

Terms Used In Indiana Code 27-1-33-6

  • commissioner: refers to the insurance commissioner appointed under IC 27-1-1-2. See Indiana Code 27-1-33-2
  • 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.
  • corporation: means an insurance company and includes all persons, partnerships, corporations, associations, orders or societies engaged in or proposing to engage in making any kind of insurance authorized by the laws of this state. See Indiana Code 27-1-2-3
  • insurer: means any person, firm, association, or corporation duly authorized to act in Indiana as an insurance company pursuant to IC 27-1. See Indiana Code 27-1-33-3
  • MGA: means any person, firm, association, or corporation:

    Indiana Code 27-1-33-4

  • person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
     (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.

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