Written contract with insurer.

1. A managing general agent shall not bind an insurer to a contract of insurance with a third person unless the managing general agent enters into a written contract with the insurer. 2. Such a contract must set forth: (a) The rights and duties of the insurer and managing general agent and, if a duty is shared by them, the contract must specify the duty each party performs. (b) The rights and duties set forth in NAC 683A.470 to 683A.530 , inclusive. (c) Guidelines which the managing general agent agrees to follow when underwriting insurance, including: (1) The maximum annual premium volume of insurance he or she may write; (2) The rules he or she must follow to establish the rates for the insurance he or she may write; (3) The types of insurance he or she may write; (4) The maximum amount of liability per policy which he or she may commit the insurer to assume; (5) The exclusions from coverage, including any special limits on the coverage he or she writes for the insurer; (6) The territory in which he or she may write; (7) The provisions for the cancellation of the insurance; and (8) The maximum period for which each policy may be written.