Ohio § 3905.72

§ 3905.72.

(A)(1) No person shall act as a managing general agent representing an insurer licensed

in this state with respect to risks located in this state unless the person is licensed

as a managing general agent pursuant to division (C) or (D) of this section. (2) No person shall act as a managing general agent representing an insurer organized

under the laws of this state with respect to risks located outside this state unless

the person is licensed as a managing general agent pursuant to division (C) of this

section. (B) Every person that seeks to act as a managing general agent as described in division

(A) of this section shall apply to the superintendent of insurance for a license.  Except as otherwise provided in division (D) of this section, the application shall

be in writing on a form provided by the superintendent.  The application shall be kept on file by the superintendent and shall include all

of the following: (1) The name and principal business address of the applicant; (2) If the applicant is an individual, the applicant's current occupation; (3) If the applicant is an individual, the applicant's occupation or occupations during

the five-year period prior to applying for the license to act as a managing general

agent; (4) A copy of the contract between the applicant and the insurer as required by, and

in compliance with, section 3905.73 of the Revised Code ; (5) A copy of a certified resolution of the board of directors of the insurer on whose

behalf the applicant will act, appointing the applicant as a managing general agent

and agent of the insurer, specifying the duties the applicant is expected to perform

on behalf of the insurer and the lines of insurance the applicant will manage, and

authorizing the insurer to enter into a contract with the applicant as required by section 3905.73 of the Revised Code ; (6) A statement that the applicant submits to the jurisdiction of the superintendent

and the courts of this state; (7) Any other information required by the superintendent. (C) The superintendent shall issue to a resident of this state or a business entity organized

under the laws of this state a license to act as a managing general agent representing

an insurer licensed to do business in this state with respect to risks located in

this state or a license to act as a managing general agent representing an insurer

organized under the laws of this state with respect to risks located outside this

state, and shall renew such a license, if the superintendent is satisfied that all

of the following conditions are met: (1) The applicant is a suitable person and intends to hold self out in good faith as

a managing general agent. (2) The applicant understands the duties and obligations of a managing general agent. (3) The applicant has filed a completed application that complies with division (B) of

this section. (4) The applicant has paid a fee in the amount of twenty dollars. (5) The applicant maintains a bond in the amount of not less than fifty thousand dollars

for the protection of the insurer. (6) The applicant maintains an errors and omissions policy of insurance. (7) The applicant is not, and has never been, under an order of suspension or revocation

under section 3905.77 of the Revised Code or under any other law of this state, or any other state, relating to insurance,

and is otherwise in compliance with sections 3905.71 to 3905.79 of the Revised Code and all other laws of this state relating to insurance. (D) If the applicant is a resident of another state or a business entity organized under

the laws of another state, the applicant shall submit a request for licensure, along

with a fee of twenty dollars, to the superintendent.  The superintendent shall issue a license to act as a managing general agent if the

request for licensure includes proof that the applicant is licensed and in good standing

as a managing general agent in the applicant's home state and either a copy of the

application for licensure the applicant submitted to the applicant's home state or

the application described in division (B) of this section. If the applicant's home state does not license managing general agents under provisions

similar to those in sections 3905.71 to 3905.79 of the Revised Code , or if the applicant's home state does not grant licenses to residents of this state

on the same reciprocal basis, the applicant shall comply with divisions (B) and (C)

of this section. (E) Unless suspended or revoked by an order of the superintendent pursuant to section 3905.77 of the Revised Code and except as provided in division (F) of this section, any license issued or renewed

pursuant to division (C) or (D) of this section shall expire on the last day of February

next after its issuance or renewal. (F) If the appointment of a managing general agent is terminated by the insurer, the

license of the managing general agent shall expire on the date of the termination. (G) A license shall be renewed in accordance with the standard renewal procedure specified

in Chapter 4745. of the Revised Code. (H) All license fees collected pursuant to this section shall be paid into the state

treasury to the credit of the department of insurance operating fund.