Section 56-6-503 - Requirements for acting in capacity of an MGA - Bond - Errors and omissions policy(a) 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.(b) 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.(c) The commissioner may require a bond in an amount acceptable to the commissioner for the protection of the insurer.(d) The commissioner may require the MGA to maintain an errors and omissions policy.