§431:9-223  Public adjuster's bond. (a)  Prior to the issuance of a license as a public adjuster, the applicant forsuch license shall file with the commissioner and shall maintain in force whileso licensed, a surety bond in favor of this State.  The bond shall be executedby an authorized corporate surety approved by the commissioner, in the amountof $10,000.  The bond shall be contingent on the accounting by the adjuster toany insured whose claim the adjuster is handling, for moneys or any settlementreceived in connection with such claim.  The bond may be written without anexpiration date and total aggregate liability on the bond may be limited to thepayment of $10,000.

(b)  Any such bond shall remain in force untilthe surety is released from liability by the commissioner, or until canceled bythe surety.  Without prejudice to any liability accrued prior to cancellation,the surety may cancel a bond upon sixty days advance notice in writing filedwith the commissioner.

(c)  During the existence of the license, thelicensee may, in lieu of such bond, maintain on deposit with the commissioner alike amount in cash or securities approved by the commissioner.  Such depositshall be held for the same purpose and upon the same conditions as the bond. [L1987, c 347, pt of §2]