Iowa Code r. 701-1000.16 - Surety bond requirements
Each surety bond must meet the following conditions:
(1)
Certificate of
authority. The surety bond is issued by a company holding a current
certificate of authority from the commissioner of insurance authorizing the
company to issue bonds in Iowa.
(2)
Forfeiture of bond. The surety bond contains a provision for
the principal and surety to consent to the forfeiture of the principal sum of
the bond in the event of revocation of the license or permit by the violation
of any Iowa Code provision that requires forfeiture of the bond.
(3)
Cancellation. A surety
company or a principal may cancel a bond by giving the department a 30-day
written notice of intent to cancel the bond. The 30-day period begins on the
date that the department receives the notice of cancellation.
a. The party seeking to cancel a bond must
submit written notice of such cancellation to the department and submit a copy
of the notice of cancellation to the other party.
b. The notice of cancellation must contain
the following:
(1) The name of the party to
whom the copy of the notice of cancellation was submitted.
(2) The date on which the notice of
cancellation was submitted.
(3) The
date the bond is being canceled.
(4) The surety bond number.
(5) The affected licensee's or permittee's
license or permit number.
(4)
Proof of bond. A
licensee or permittee is considered to have furnished a surety bond when the
licensee or permittee has:
a. Filed with the
department a form prescribed by the department containing the following:
(1) The name of the bond provider,
(2) The city and state where the bond
provider is located,
(3) The bond
number, the names of the principal, and the city and state where the principal
is located,
(4) The amount of the
bond,
(5) The type of license or
permit guaranteed by the bond,
(6)
The effective date of the bond,
(7)
Signatures of the principal and the bond provider, and
(8) Any other information the director of the
department may require; or
b. Met this requirement by any other method
deemed acceptable by the director of the department.
This rule is intended to implement Iowa Code sections 123.30, 123.50, 123.127, and 123.175.
Notes
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