(a) No person, firm, association or corporation shall act in the capacity of an MGA with respect to risks located in this State for an insurer licensed in this State unless such person is a licensed producer in this State.
(b) No person, firm, association or corporation shall act in the capacity of an MGA representing an insurer domiciled in this State with respect to risks located outside this State unless such person is licensed as a producer in this State (such license may be a nonresident license) pursuant to this chapter.
(c) The Commissioner may require a bond in an amount acceptable to the Commissioner for the protection of the insurer.
(d) The Commissioner may require the MGA to maintain an errors and omissions policy.