A managing general agent may not: commit the insurer to participate in insurance or reinsurance syndicates; appoint or hire an insurance producer to solicit, procure, or negotiate insurance contracts for the insurer without ensuring that the insurance producer is licensed under Title 10, Subtitle 1 of this article; take an action that would violate § 27-503 of this article if taken directly by the insurer; without the insurer’s written approval, pay or commit the insurer to pay a claim, net of reinsurance, that exceeds 1% of the insurer’s policyholder surplus as of December 31 of the immediately preceding calendar year; without the insurer’s prior written approval, collect any payment from a reinsurer; commit the insurer to a claim settlement with a reinsurer; employ an individual who also is employed by the insurer; allow an agent or employee of the managing general agent to serve on the insurer’s board of directors; or appoint a submanaging general agent unless: approval of the appointment is obtained from the Commissioner and from the insurer for whom the managing general agent acts; and the submanaging general agent complies with any requirements imposed by the Commissioner under § 8-213 of this subtitle. Except as provided in paragraph (2) of this subsection, a managing general agent may not bind reinsurance or retrocessions for an insurer. A managing general agent may bind facultative reinsurance contracts under obligatory facultative agreements if the contract with the insurer contains reinsurance underwriting guidelines for reinsurance both assumed and ceded, including: a list of reinsurers with which the automatic agreements are in effect; the coverages and amounts or percentages that may be reinsured; and commission schedules.