(a) Prior to the issuance of a license as a public adjuster, the applicant shall file with the Commissioner and shall maintain in force while so licensed a surety bond in favor of the people of the Virgin Islands, executed by an authorized corporate surety approved by the Commissioner, in the amount of $5,000. The bond may be continuous in form, and total aggregate liability on the bond may be limited to the payment of $5,000. The bond must be contingent on the accounting by the adjuster to any insured whose claim the adjuster is handling, for moneys or any settlement received in connection with the claim.
(b) Any such bond remains in force until the surety is released from liability by the Commissioner, or until canceled by the surety. Without prejudice to any liability accrued prior to cancellation, the surety may cancel a bond upon 30 days advance notice in writing filed with the Commissioner.
(c) A bond is required of any adjuster acting as a public adjuster as of the effective date of this title, or thereafter under any unexpired license issued.