§33-37-2 Licensure.
§33-37-2. Licensure.
(a) No domestic insurer may permit a person to act, and no person may act, in the capacity of a managing general agent for an insurer domiciled in this state unless such person is licensed in this state to act as a managing general agent.
(b) No foreign or alien insurer may permit a person to act, and no person may act, in the capacity of a managing general agent representing an insurer unless the person is licensed in this state to act as a managing general agent.
(c) No person may 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 the person is a licensed insurance producer in this state.
(d) The commissioner may license as a managing general agent any individual or business entity that has complied with the requirements of this article and any regulations concerning licensure that may be promulgated by the commissioner. The commissioner may refuse to issue a license, subject to the right of the applicant to demand a hearing on the application, if the commissioner believes the applicant, any person named on the application or any member, principal, officer or director of the applicant is not trustworthy or competent to act as a managing general agent, or that any of the foregoing has given cause for revocation or suspension of such license, or has failed to comply with any prerequisite for issuance of such license.
(e) Any person seeking a license pursuant to subsection (d) of this section shall apply for the license in a form acceptable to the commissioner and shall pay to the commissioner a nonrefundable application fee in an amount prescribed by the commissioner. The application fee shall be not less than five hundred dollars nor more than one thousand dollars. Every licensed managing general agent shall pay to the commissioner a nonrefundable annual renewal fee in an amount prescribed by the commissioner. The renewal fee shall be not less than two hundred dollars nor more than one thousand dollars. Between the first day of May and the first day of June of the renewal year, each licensed managing general agent shall submit to the commissioner the renewal fee and a renewal application form as prescribed by the commissioner. All fees shall be collected by the commissioner, paid into the state treasury and placed to the credit of the special revenue account provided for in section thirteen, article three of this chapter. Each license issued pursuant to this article expires at midnight on the thirtieth day of June next following the day of issuance. (f) The commissioner may require a bond in an amount acceptable to him or her for the protection of the insurer.
(g) The commissioner may require a managing general agent to maintain an errors and omissions policy that is acceptable to the commissioner.
(h) Except where prohibited by state or federal law, by submitting an application for license, the applicant shall be deemed to have appointed the secretary of state as the agent for service of process on the applicant in any action or proceeding arising in this state out of or in connection with the exercise of the license. The appointment of the secretary of state as agent for service of process shall be irrevocable during the period within which a cause of action against the applicant may arise out of transactions with respect to subjects of insurance in this state. Service of process on the secretary of state shall conform to the provisions of section twelve, article four of this chapter.
(i) A person seeking licensure shall provide evidence, in a form acceptable to the commissioner, of its appointments or contracts as a managing general agent. The commissioner may refuse to renew the license of a person that has not been appointed by, or otherwise authorized to act for, an insurer as a managing general agent.