Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-3 - REGULATIONS REGARDING AGENTS, SUBAGENTS, COUNSELORS, ADJUSTERS, SURPLUS LINES BROKERS, AND AGENCIES
Rule 120-2-3-.18 - Resident Bond Requirements

Universal Citation: GA Rules and Regs r 120-2-3-.18

Current through Rules and Regulations filed through September 23, 2024

(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;

(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;

(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.

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

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