Section 27-6A-3 - Licensure requirements(a) No person, firm, association, or corporation shall 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 then licensed in this state as a managing general agent of the insurer.(b) No person, firm, association, or corporation shall 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 then licensed in this state as a managing general agent of the insurer. Where applicable, the license may be a nonresident license pursuant to this chapter.(c) The commissioner may require the managing general agent to maintain a bond in an amount acceptable to the commissioner for the protection of the insurer.(d) The commissioner may require the managing general agent to maintain an errors and omissions policy.Ala. Code § 27-6A-3 (1975)
Acts 1993, No. 93-675, p. 1240, §4; Act 2001-702, p. 1509, §13.