Wis. Admin. Code Office of the Commissioner of Insurance Ins 42.02 - Licensure required
(1) No person, including, but not limited to,
a natural person, may act as a managing general agent for an insurer with
respect to a risk located in this state unless the person is licensed as a
managing general agent under s.
628.04 or
628.09,
Stats.
(2) No person, including,
but not limited to, a natural person, may act as a managing general agent
representing an insurer domiciled in this state with respect to a risk located
outside this state unless the person is licensed as a managing general agent
under s.
628.04 or
628.09,
Stats.
(3) No insurer, and no
officer or director of an insurer, may knowingly assent to or permit a person
to act as a managing general agent for the insurer if the person fails to
comply with this chapter.
(4) The
commissioner may require a managing general agent to maintain a bond in an
amount acceptable to the commissioner for the protection of each insurer for
which the person acts as managing general agent.
(5) The commissioner may require a managing
general agent to maintain an errors and omissions policy.
(6) The commissioner may refuse to issue,
suspend, summarily suspend or revoke the license of a managing general agent
for violation of chs. 600 to 645, Stats., any rule adopted under chs. 600 to
645, Stats., or on any grounds described in s.
628.10,
Stats.
Notes
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