California Insurance Code 769.82 – (a) No producer shall act in the capacity of an MGA with respect …
(a) No producer shall act in the capacity of an MGA with respect to risks located in this state for an insurer that holds a certificate of authority unless that producer is licensed as a property broker-agent and casualty broker-agent, or as a life agent in this state.
(b) No producer shall act in the capacity of an MGA representing an insurer domiciled in this state with respect to risks located outside this state unless that producer is licensed as a property broker-agent and casualty broker-agent, or as a life agent in this state.
Terms Used In California Insurance Code 769.82
- Casualty broker-agent: means a person licensed pursuant to Section 1625. See California Insurance Code 33.5
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
- Insurer: means any person, firm, association, or corporation duly licensed as an insurer and operating under a certificate of authority in this state. See California Insurance Code 769.81
- Property broker-agent: means a person licensed pursuant to Section 1625. See California Insurance Code 33.5
- State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28
(c) The commissioner may require a fidelity bond in an amount acceptable to him or her for the protection of the insurer.
(d) The commissioner may require the MGA to maintain an errors and omissions policy. If a policy is not generally available at a reasonable cost, the commissioner may, by rule, suspend the requirement of this subdivision until that coverage becomes generally available at a reasonable cost.
(Amended by Stats. 2011, Ch. 411, Sec. 5. (AB 1416) Effective January 1, 2012.)