Massachusetts General Laws ch. 175 sec. 177H – Managing general agent; licensure and errors and omissions coverage required
Current as of: 2023 | Check for updates
|
Other versions
Section 177H. (A) No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in the commonwealth for an insurer licensed in the commonwealth unless such person:
Terms Used In Massachusetts General Laws ch. 175 sec. 177H
- 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.
(i) is a licensed producer in the commonwealth; and (ii) maintains errors and omissions coverage.
(B) No person, firm, association or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in the commonwealth with respect to risks located outside the commonwealth unless such person:
(i) is a licensed producer in the commonwealth, whether resident or non-resident; and (ii) maintains errors and omissions coverage.