§ 22-9-402 - Authorized bonding companies -- Agents. - Arkansas Statutes

22-9-402. Authorized bonding companies -- Agents.

(a) All bonds enumerated in 22-9-401 and bid bonds enumerated in 19-4-1405 shall be made by surety companies which have qualified and are authorized to do business in the State of Arkansas.

(b) (1) The bonds shall be executed by a resident or nonresident agent.

(2) The resident or nonresident agent shall:

(A) Be licensed by the Insurance Commissioner to represent the surety company executing the bond; and

(B) File with the bond the power of attorney of the agent to act on behalf of the bonding company.