§ 48.98.010. Requirements for managing general agent -- License -- Bond -- Errors and omissions policy
(1) No person may act in the capacity of a managing general agent with respect to risks located in this state, for an insurer authorized by this state, unless that person is licensed in this state as an *agent, under chapter 48.17 RCW, for the lines of insurance involved and is designated as a managing general agent and appointed as such by the insurer.
(2) No person may 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 that person is licensed as an *agent in this state, under chapter 48.17 RCW, for the lines of insurance involved and is designated as a managing general agent and appointed as such by the insurer.
(3) The commissioner may require a bond for the protection of each insurer.
(4) The commissioner may require the managing general agent to maintain an errors and omissions policy.
[1993 c 462 § 36.]
Notes:
*Reviser's note: 2007 c 117 replaced the terms "agent" and "broker" with the term "producer," effective July 1, 2009.
RCW 48.98.010
(1) No person may act in the capacity of a managing general agent with respect to risks located in this state, for an insurer authorized by this state, unless that person is licensed in this state as an insurance producer, under chapter 48.17 RCW, for the lines of insurance involved and is designated as a managing general agent and appointed as such by the insurer.
(2) No person may 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 that person is licensed as an insurance producer in this state, under chapter 48.17 RCW, for the lines of insurance involved and is designated as a managing general agent and appointed as such by the insurer.
(3) The commissioner may require a bond for the protection of each insurer.
(4) The commissioner may require the managing general agent to maintain an errors and omissions policy.
[2008 c 217 § 80; 1993 c 462 § 36.]
Notes:
Severability -- Effective date -- 2008 c 217: See notes following RCW 48.03.020.
Sections: Previous 48.98.005 48.98.010 48.98.015 48.98.020 48.98.025 48.98.030 48.98.035 48.98.040 48.98.900 48.98.901 Next
Last modified: April 7, 2009