(a) A subagent's certificate of authority shall not cover any kind of insurance for which the sponsoring agent and subagent are not licensed.
(b) A subagent or limited subagent shall not have power to bind an insurer.
(c) All business transacted by a subagent under such subagent's license or limited subagent shall be in the name of the agent by whom the subagent or limited subagent is employed; and the agent shall be responsible for all the acts or omissions of the subagent or limited subagent within the scope of his or her employment.
(d) A record of each transaction shall be maintained by both the agent and the subagent or limited subagent.
Section: Previous 33-23-21 33-23-22 33-23-23 33-23-24 33-23-25 33-23-26 33-23-27 33-23-28 33-23-29 33-23-29.1 33-23-30 33-23-31 33-23-32 33-23-33 33-23-34 NextLast modified: October 14, 2016