31A-23a-601 - Licensure. - Utah Statutes

31A-23a-601. Licensure.
(1) A person, firm, association, or corporation may not act in the capacity of managinggeneral agent with respect to risks located in this state for an insurer licensed in this state unlessthe person is a licensed producer in this state.
(2) A person, firm, association, or corporation may not act in the capacity of a managinggeneral agent representing an insurer domiciled in this state with respect to risks located outsidethis state unless the person is licensed as a producer in this state pursuant to this chapter. Thelicense may be a nonresident license.
(3) The commissioner may require a bond in an amount he finds acceptable for theprotection of each insurer represented.
(4) The commissioner may require the managing general agent to maintain an errors andomissions policy or other security acceptable to the commissioner.

Renumbered and Amended by Chapter 298, 2003 General Session