A broker-dealer shall not require an agent to maintain insurance coverage for the agent's errors and omissions from a specific insurance company. This section does not apply if the agent is an employee of that broker-dealer, or if the broker-dealer or affiliated insurance company contributes to the premiums for the errors and omissions coverage. Nothing in this section shall prohibit a broker-dealer from requiring an agent to maintain errors and omissions coverage or requiring that the errors and omissions coverage meet certain criteria.
Minn. Stat. § 80A.91
AGENT ERRORS AND OMISSIONS INSURANCE; CHOICE OF SOURCE.
Known as the Minnesota Securities Act
The act spans §§ 80–80 (52 sections).
2009 c 178 art 1 s 49
Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.