Delaware Code Title 18 Sec. 1803 – Licensure
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(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 such person is a licensed producer in this State.
Terms Used In Delaware Code Title 18 Sec. 1803
- 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 Chapter 17 of this title. See Delaware Code Title 18 Sec. 1802
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
(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 such person is licensed as a producer in this State (such license may be a nonresident license) pursuant to 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.