§ 58-15-105. Attorney's bond. - North Carolina Statutes

§58‑15‑105.  Attorney's bond.

(a)        Concurrent with thefiling of the declaration provided for in G.S. 58‑15‑100, theattorney of a domestic reciprocal shall file with the Commissioner a fidelitybond payable to this State.  The bond shall be executed by the attorney and bya licensed insurer and is subject to the approval of the Commissioner.

(b)        The bond shall bein an amount established in the discretion of the Commissioner, which amountshall be at least fifty thousand dollars ($50,000).  The bond shall be on thecondition that the attorney faithfully accounts for all moneys and otherproperty of the reciprocal coming into the attorney's control and that theattorney does not withdraw or appropriate for his own use from the funds of thereciprocal any moneys or property to which he is not entitled under the powerof attorney.

(c)        The bond is notsubject to cancellation unless 30‑days' written notice of intent tocancel is given to the attorney and the Commissioner. (1989,c. 425, s. 1.)