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§ 322.2. Licensure

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 1. Insurance Department (Refs & Annos)
Article VIII. Managing General Agents
40 P.S. § 322.2
§ 322.2. Licensure
Currentness
(a) No person, firm, association or corporation shall act in the capacity of an MGA with respect to risks located in this Commonwealth for an insurer licensed in this Commonwealth unless such person is a licensed agent in this Commonwealth.
(b) No person, firm, association or corporation shall act in the capacity of an MGA representing an insurer domiciled in this Commonwealth with respect to risks located outside this Commonwealth unless that person is licensed as an agent in this Commonwealth. This license may be a nonresident license issued under this article.
(c) The department may require a bond in an amount acceptable to it for the protection of the insurer.
(d) The department may require the MGA to maintain an errors and omissions policy.

Credits

1921, May 17, P.L. 789, No. 285, art. VIII, § 802, added 1992, Dec. 18, P.L. 1496, No. 177, § 12, effective in 120 days.
40 P.S. § 322.2, PA ST 40 P.S. § 322.2
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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