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



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



(c)  During the existence of the license, the
licensee may, in lieu of such bond, maintain on deposit with the commissioner a
like amount in cash or securities approved by the commissioner.  Such deposit
shall be held for the same purpose and upon the same conditions as the bond. [L
1987, c 347, pt of §2]