Tennessee § 56-6-503 - Requirements for acting in capacity of an MGA — Bond — Errors and omissions policy.
Full text of Tennessee Tennessee Code Annotated § 56-6-503 — Requirements for acting in capacity of an MGA — Bond — Errors and omissions policy., with citation guidance and answers to common questions.
§ 56-6-503. Requirements for acting in capacity of an MGA — Bond — Errors and omissions policy.
No person shall act in the capacity of an MGA, with respect to risks located in this state for an insurer licensed in this state, unless the person is a licensed insurance agent in this state. No person shall act in the capacity of an MGA representing an insurer domiciled in this state, with respect to risks located outside this state, unless the person is a licensed insurance agent in this state, which includes a nonresident license, pursuant to this part. The commissioner may require a bond in an amount acceptable to the commissioner for the protection of the insurer. The commissioner may require the MGA to maintain an errors and omissions policy. Acts 1991, ch. 142, § 7. Collateral References. Insurance agents' and brokers' professional liability insurance. 55 A.L.R.5th 681.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 56-6-503
What does Tennessee Code Annotated § 56-6-503 cover?
Section 56-6-503 ("Requirements for acting in capacity of an MGA — Bond — Errors and omissions policy.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 56-6-503?
A common citation format is "Tennessee Code Annotated § 56-6-503" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 56-6-503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.