Section 33-2-1601 - Licensure of managing general agent(1) A person, firm, association, or corporation may 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, firm, association, or corporation may 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 part.(3) The commissioner may require a bond in an amount acceptable to the commissioner for the protection of the insurer.(4) The commissioner may require the managing general agent to maintain a policy on errors and omissions.En. Sec. 14, Ch. 596, L. 1993.