SECTIONS 15033-15037 - California Statutes

INSURANCE CODE

SECTION 15033-15037

15033. No license shall be issued under this chapter unless the
applicant files with the commissioner a surety bond executed by a
surety company authorized to do business in the state in the sum of
twenty thousand dollars ($20,000) conditioned for the faithful and
honest conduct of business by the applicant. The bond, as to its
form, execution, and sufficiency of the surety shall be approved by
the commissioner.

15034. The bond required by this chapter shall be taken in the name
of the people in the state and every person injured by the willful,
malicious, or wrongful act of the principal may bring an action on
the bond in his or her name to recover damages suffered by reason of
that willful, malicious, or wrongful act.

15035. Every licensee shall at all times maintain on file the
surety bond required by this chapter in full force and effect and
upon failure to do so the license of the licensee shall be forthwith
suspended and shall not be reinstated until an application therefore,
in the form prescribed by the commissioner, is filed together with a
proper bond. The commissioner may deny the application
notwithstanding the applicant's compliance with this section:
(a) For any reason which would justify a refusal to issue, or a
suspension or revocation of, a license.
(b) For the performance of applicant of any practice while under
suspension for failure to keep his or her bond in force, for which a
license under this chapter is required.

15036. In lieu of the surety bond required by this chapter there
may be deposited with the State of California the sum of twenty
thousand dollars ($20,000) in cash, or evidence of deposit of the sum
of twenty thousand dollars ($20,000) in banks authorized to do
business in this state and insured by the Federal Deposit Insurance
Corporation, or investment certificates or share accounts in the
amount of twenty thousand dollars ($20,000) issued by a savings
association doing business in this state and insured by the Federal
Deposit Insurance Corporation, or evidence of a certificate of funds
or share account of the sum of twenty thousand dollars ($20,000) in a
credit union as defined in Section 14000 of the Financial Code whose
share deposits are guaranteed by the National Credit Union
Administration or guaranteed by any other agency approved by the
Department of Financial Institutions.

15037. Bonds executed and filed with the commissioner pursuant to
this chapter shall remain in force and effect until the surety has
terminated future liability by 30-day notice to the commissioner.