HAR §16-97-6. §16-97-6 Bond

Each applicant shall provide a bond by a surety or sureties licensed by the state insurance commissioner which shall include a provision that the bonding agent shall notify the board in writing at least thirty days prior to any termination of the bond. Termination of the bond shall result in immediate and concurrent suspension of the license and it shall be suspended until a successor bond is filed; provided that the failure to obtain a new bond within the current biennium shall result in the automatic forfeiture of the license at the end of the current biennium, and a new application shall be required to be filed. [Eff 3/9/64; am 3/9/72; am and ren §16-97-6, 7/30/81; am and comp 2/18/86; comp 8/25/88; comp 10/23/00; am and comp 3/14/11] (Auth: HRS §463-3) (Imp: HRS §463-12)