A. Prior to the issuance of a license as a public adjuster or any renewal of the license, the applicant shall file with the Commissioner a surety bond in favor of the people of the State of Oklahoma, executed by a surety company authorized to do business in the state, in the amount of Twenty-five Thousand Dollars ($25,000.00). The total aggregate liability on the bond may be limited to the payment of Twenty-five Thousand Dollars ($25,000.00). The bond shall be conditioned on the accounting by the adjuster to any insured whose claim the adjuster is handling for monies or any other settlement received in connection with the claim.
B. Any bond shall remain in force concurrently with the license or until the surety is released from liability by the Commissioner, or until canceled by the surety. Without prejudice to any liability accrued prior to the cancellation, the surety may cancel a bond upon thirty (30) days' advance notice in writing filed with the Commissioner.
C. Effective December 1, 1983, such bond shall be required of all public adjusters.
Added by Laws 1973, c. 178, § 14. Amended by Laws 1983, c. 129, § 13, eff. Nov. 1, 1983; Laws 2015, c. 297, § 2, eff. Nov. 1, 2015.