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>
Managing General Agent
> Special Requirements
MGA’s must:
Hold a separate, active Property and Casualty Producer license in Idaho.
Have and maintain a
SURETY bond
in the amount of $5,000 or 10% of the total funds handled in the preceding year, whichever is greater.
Provide proof of an Errors and Omissions policy with a limit of $250,000 or 25% of the gross amount of direct written premiums received by an insurer for the previous year that are attributable to you as their MGA, whichever is greater.
Provide a list of the names and addresses of all insurers doing business in the State of Idaho or Idaho domestic insurers with which you have a contract to act as their MGA.
Provide a
verified statement
on the DOI form that these MGA contracts contain provisions required by
§41-1504
of Idaho Code.
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