626.928 Surplus lines agent’s bond.
626.928 Surplus lines agent’s bond.
Prior to issuance of license, the applicant shall file with the department, and thereafter for as long as any such license remains in effect, shall keep in force and unimpaired, a bond in favor of the department in the penal sum of not less than $50,000, aggregate liability, with authorized corporate surety or sureties approved by the department. The department may, in its discretion, require a bond in a larger amount commensurate with the volume of surplus lines business transacted or to be transacted by a particular surplus lines agent. The bond shall be conditioned that the surplus lines agent will faithfully conduct business under the license in accordance with the provisions of the Surplus Lines Law and rules and regulations of the department for the effectuation thereof and that the licensee will promptly remit to the department the taxes as provided for by such law. No such bond shall be terminated unless not less than 30 days’ prior written notice thereof is given the licensee and filed with the department.
History. s. 367, ch. 59-205; ss. 13, 35, ch. 69-106; s. 2, ch. 81-318; ss. 309, 318, 807, ch. 82-243; ss. 175, 206, 207, ch. 90-363; s. 4, ch. 91-429; s. 70, ch. 98-199.