(a)  No person, firm, association, or corporation shall act in the capacity of an MGA with respect to risks located in this state for an insurer licensed in this state unless that person, firm, association, or corporation is a licensed producer in this state.

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Terms Used In Rhode Island General Laws 27-51-3

  • 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.
  • Insurer: means any person, firm, association, or corporation duly licensed in this state as an insurance company pursuant to this title. See Rhode Island General Laws 27-51-2
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • Producer: means insurance producer as defined in chapter 2. See Rhode Island General Laws 27-51-2

(b)  No person, firm, association, or corporation 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 person, firm, association, or corporation is licensed as a producer in this state. The license may be a nonresident license pursuant to the provisions of this chapter.

(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.

History of Section.
P.L. 1992, ch. 445, § 1.