A managing general agent shall obtain and maintain: A fidelity bond for the protection of the insurer and policyholder equal to or greater than 10 percent of the maximum annual premium volume as stated in the underwriting guidelines in the contract required by Insurance Article, §8-209, Annotated Code of Maryland, but no less than $100,000; and An errors and omissions policy for the protection of the insurer and policyholder with limits of at least $1,000,000. A managing general agent shall provide evidence of bond and errors and omissions coverage on the initial or renewal application.