Section 26.1-26.3-02 - Licensure1. No individual, partnership, corporation, or limited liability company may act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless the individual, partnership, corporation, or limited liability company is licensed as an insurance producer in this state.2. An individual, partnership, corporation, or limited liability company may not act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless the individual, partnership, corporation, or limited liability company is licensed as either a resident or nonresident insurance producer in this state pursuant to the provisions of this title.3. The commissioner may require a bond in an amount acceptable to the commissioner for the protection of the insurer.4. The commissioner may require the managing general agent to maintain an adequate errors and omissions policy.