(A) No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in the commonwealth for an insurer licensed in the commonwealth unless such person:
(i) is a licensed producer in the commonwealth; and (ii) maintains errors and omissions coverage.
(B) No person, firm, association or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in the commonwealth with respect to risks located outside the commonwealth unless such person:
(i) is a licensed producer in the commonwealth, whether resident or non-resident; and (ii) maintains errors and omissions coverage.