§431:4-411 Attorney's bond. (a) Concurrently with the filing of the declaration provided for in section 431:4-409, the attorney of a domestic reciprocal shall file with the commissioner a bond in favor of this State. The bond shall be executed by the attorney and by an authorized corporate surety, and shall be subject to the commissioner's approval.
(b) The bond shall be in the sum of $25,000 conditioned that the attorney will faithfully account, before a notary public, in a sworn affidavit, for all moneys and other property of the insurer coming into the attorney's hands, and that the attorney will not withdraw or appropriate for the attorney's own use from the funds of the insurer any moneys or property to which the attorney is not entitled under the power of attorney.
(c) The bond shall provide that it is not subject to cancellation unless sixty days' advance notice in writing of intent to cancel is given to both the attorney and the commissioner. [L 1987, c 347, pt of §2]
Section: Previous 431-4-404 431-4-405 431-4-406 431-4-407 431-4-408 431-4-409 431-4-410 431-4-411 431-4-412 431-4-413 431-4-414 431-4-415 431-4-416 431-4-417 431-4-418 NextLast modified: October 27, 2016