Bonds as proof of financial responsibility; notice of bond
cancellation; recovery on claims arising before cancellation
Sec. 9. (a) A person required to give proof of financial
responsibility may file with the bureau a bond under this section. The
bond shall be executed by the person giving the proof and by a surety
company authorized to transact business in Indiana.
(b) The bureau may not accept a bond unless the bond is
conditioned for payments in amounts and under the same
circumstances as would be required in a motor vehicle liability
policy furnished by the person giving proof of financial
responsibility under this article.
(c) A bond filed under this section may not be canceled unless ten
(10) days written notice of cancellation is given to the bureau.
Cancellation of a bond under this subsection does not prevent
recovery on the bond due to a right or cause of action arising before
the date of cancellation.
As added by P.L.2-1991, SEC.13.
Last modified: May 27, 2006