Section Ins 42.02 - Licensure required(1) No person, including, but not limited to, a natural person, may act as a managing general agent for an insurer with respect to a risk located in this state unless the person is licensed as a managing general agent under s. 628.04 or 628.09, Stats.(2) No person, including, but not limited to, a natural person, may act as a managing general agent representing an insurer domiciled in this state with respect to a risk located outside this state unless the person is licensed as a managing general agent under s. 628.04 or 628.09, Stats.(3) No insurer, and no officer or director of an insurer, may knowingly assent to or permit a person to act as a managing general agent for the insurer if the person fails to comply with this chapter.(4) The commissioner may require a managing general agent to maintain a bond in an amount acceptable to the commissioner for the protection of each insurer for which the person acts as managing general agent.(5) The commissioner may require a managing general agent to maintain an errors and omissions policy.(6) The commissioner may refuse to issue, suspend, summarily suspend or revoke the license of a managing general agent for violation of chs. 600 to 645, Stats., any rule adopted under chs. 600 to 645, Stats., or on any grounds described in s. 628.10, Stats.Wis. Admin. Code Office of the Commissioner of Insurance Ins 42.02
Cr. Register, July, 1993, No. 451, eff. 8-1-93.