Ga. Comp. R. & Regs. R. 120-2-3-.18 - Resident Bond Requirements

(1) Bonds are required of resident licensees in the following amounts:

(a) Public adjuster, $5,000;

(b) Insurance counselor and Limited Health Counselor, $5,000;

(c) Surplus lines broker, $50,000.

(2) Bonds shall be in favor of the Commissioner and shall be contingent upon:

(a) Proper accounting for any monies;

(b) Proper reporting to any principal;

(c) Payment to the Commissioner of any fees or administrative fines.

(3) Bonds shall be continuous in nature.

(4) Release of any bond shall be contingent upon:

(a) Expiration of five (5) years following the termination of the license requiring such bond; or

(b) Replacement of the bond by another bond which covers any unreported acts or claims occurring during the term of the bond so replaced.

(5) Failure to maintain the bond required above will result in the cancellation of the said license.

(6) The Commissioner may prescribe the form of any bond required.

Notes

Ga. Comp. R. & Regs. R. 120-2-3-.18

O.C.G.A. §§ 33-2-9, 33-23-6, 33-23-7, 33-23-37, 33-23-44.

Original Rule entitled "Bond Requirements" adopted. F. Sept. 10, 1992; eff. Sept. 30, 1992. Amended: F. Aug. 9, 1996; eff. Aug. 29, 1996. Repealed: New Rule entitled "Resident Bond Requirements" adopted. F. Jan. 15, 2003; eff. Feb. 4, 2003. Amended: ER. 120-2-3-.24 -.18 adopted. F. Jun. 12, 2012; eff. Jun. 12, 2012, as specified by the Agency. Repealed: New rule with same title adopted. F. Sept. 10, 2012; eff. Sept. 30, 2012. Amended: F. June 6, 2016; eff. August 1, 2016, as specified by the Agency. Amended: F. Sept. 20, 2023; eff. Aug. 1, 2023, as specified by the Agency.