(a) No person shall act in the capacity of an MGA, with respect to risks located in this state for an insurer licensed in this state, unless the person is a licensed insurance agent in this state.

Terms Used In Tennessee Code 56-6-503

  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
  • Insurer: means any person, firm, association or corporation duly licensed in this state as an insurance company pursuant to §. See Tennessee Code 56-6-502
  • MGA: means any person who:
    (i) Manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office. See Tennessee Code 56-6-502
  • Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Tennessee Code 56-16-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) No person shall act in the capacity of an MGA representing an insurer domiciled in this state, with respect to risks located outside this state, unless the person is a licensed insurance agent in this state, which includes a nonresident license, pursuant to this part.
(c) The commissioner may require a bond in an amount acceptable to the commissioner for the protection of the insurer.
(d) The commissioner may require the MGA to maintain an errors and omissions policy.
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