SECTION 19.707. Type of Financial Responsibility

A surety bond used to maintain and demonstrate proof of financial responsibility under §§19.705 and 19.706 of this subchapter (relating to Financial Responsibility Requirement and Demonstrating Financial Responsibility) must:

(1) be in the form specified by the department;

(2) be executed by the public insurance adjuster as principal and a surety company authorized to do business in this state as surety;

(3) be payable to the Texas Department of Insurance for the use and benefit of an insured, conditioned that the public insurance adjuster shall pay any final judgment recovered against it by an insured;

(4) provide that the surety will give no less than 30 days written notice of bond termination to the licensee and the department;

(5) be separate from any other financial responsibility obligation; and

(6) not be used to demonstrate professional responsibility for any other license, certification, or person.

Source Note: The provisions of this §19.707 adopted to be effective November 2, 2003, 28 TexReg 9274