Section 36.353. Form of surety bond

A surety bond held by a registrant to satisfy the requirements of the law and this subchapter must include:

(1) The name and mailing address of the registrant.

(2) The name and title of the compliance person.

(3) The name, mailing address, telephone number and National Association of Insurance Commissioners company code of the surety.

(4) The policy number for the surety bond.

(5) Indemnification for claims that arise or occur during the biennial licensure period during which the bond is issued for the benefit of:

(i) The Commonwealth or the public for nonperformance of obligations under the law or this subchapter that occur during the period of the surety bond.

(ii) An appraiser who has performed an appraisal for the registrant during the period of the surety bond for which the appraiser has not been paid.

(6) An agreement by the surety to notify the Bureau if the surety bond is cancelled or terminated.

Notation

Cross References

This section cited in 49 Pa. Code § 36.304 (relating to content of application); 49 Pa. Code § 36.322 (relating to early termination of registration); and 49 Pa. Code § 36.351 (relating to requirements for surety bond or letter of credit).