RCW 48.98.010
Requirements for managing general
agent -- License -- Bond -- Errors and omissions policy. (Effective
until July 1, 2009.)
(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
Requirements for managing general
agent -- License -- Bond -- Errors and omissions policy. (Effective
July 1, 2009.)
(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.