1011

Any insurance broker, while licensed as such and while maintaining an office at a designated location in Puerto Rico, and who is deemed by the Commissioner to be trustworthy and competent for the purpose, may be licensed by the Commissioner as a surplus line broker, as follows:\n(1) Application to the Commissioner for the license shall be on forms furnished by the Commissioner.\n(2) The insurance broker surplus lines insurance license issued by the Commissioner shall continue to be in effect until same is suspended, revoked, or cancelled, but subject to the payment of the annual fee set forth in § 701 of this title prior to midnight of the date of expiration.\n(3) Before issuance of license the applicant shall file with the Commissioner and thereafter for so long as the license is in effect he shall keep in force a bond in favor of the Commonwealth in such penal sum not exceeding twenty-five thousand dollars ($25,000) as the Commissioner shall specify, with authorized corporate sureties, conditioned as follows:\n(a) That the broker will conduct business under the license in accordance with this chapter, will promptly remit the taxes provided for by § 1013 of this title, and will

ies, conditioned as follows:\n(a) That the broker will conduct business under the license in accordance with this chapter, will promptly remit the taxes provided for by § 1013 of this title, and will properly account to the person entitled thereto for funds received by him through transactions under the license.\n(b) That the bond shall not be subject to termination unless at least thirty days’ prior written notice thereof is filed with the Commissioner.\nHistory —Ins. Code § 10.110; May 24, 1974, No. 46, Part 1, p. 200, § 3; Mar. 27, 2003, No. 96, § 5; Jan. 19, 2006, No. 10, § 9, eff. 120 days after Jan. 19, 2006.