Iowa Code 510.4 – Licensure required — bond
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Terms Used In Iowa Code 510.4
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
510.4 Licensure required — bond.
1. A person shall not 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 producer in this state.
2. A person shall not act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless the person is licensed as a resident or nonresident producer in this state pursuant to the provisions of this chapter.
3. The commissioner may require a bond for each company represented by a managing general agent in an amount acceptable to the commissioner for the protection of the insurer.
4. The commissioner may require a managing general agent to maintain an errors and omissions policy.
91 Acts, ch 26, §3
Referred to in §510.10
1. A person shall not 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 producer in this state.
2. A person shall not act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless the person is licensed as a resident or nonresident producer in this state pursuant to the provisions of this chapter.
3. The commissioner may require a bond for each company represented by a managing general agent in an amount acceptable to the commissioner for the protection of the insurer.
4. The commissioner may require a managing general agent to maintain an errors and omissions policy.
91 Acts, ch 26, §3
Referred to in §510.10