Sec. 12. No person, firm, association, or corporation may act as a RB in Indiana if the RB maintains an office either directly, or as a member or employee of a firm or association, or as an officer, director, or employee of a corporation:
(1) in Indiana, unless the RB is a licensed producer in Indiana; or
(2) in another state, unless the RB:
(A) is a licensed producer in Indiana or another state having a law substantially similar to this chapter; or
(B) is licensed in Indiana as a nonresident reinsurance intermediary.