Section 3-4-03-301 - Surety Bond Required An applicant for a certificate of registration shall provide to the Attorney General an original surety bond, issued by a corporate surety licensed to do business, and authorized to transact insurance in Mississippi.
a. A surety bond in the penal sum of Seventy-five Thousand Dollars ($75,000.00) with conditions and in a form prescribed by the Attorney General shall accompany the application for a certificate of registration.b. The bond shall provide for the indemnification of any person suffering loss as the result of any fraud, misrepresentation or violation of Sections 77-3-601 through 77-3-619 by the principal.c. The term of the bond shall be continuous, but it shall be subject to cancellation by the surety in the manner described in this rule. d. The surety may terminate the bond upon giving a sixty-day written notice to the principal and to the Attorney General, but the liability of the surety for acts of the principal and its agents shall continue during the sixty (60) days of cancellation notice.e. The notice does not absolve the surety from liability which accrues before the cancellation becomes final but which is discovered after that date and which may have arisen at any time during the term of the bond.f. Unless the bond is replaced by that of another surety before the expiration of the sixty (60) days' notice of cancellation, the certificate of registration shall be suspended.g. Any person required pursuant to the Act to file a bond with an application for a certificate of registration may file, in lieu thereof, cash, a certificate of deposit, or government bonds in the amount of Seventy-five Thousand Dollars ($75,000.00).h. Such deposit is subject to the same terms and conditions as are provided for in the surety bond required herein. Any interest or earnings on such deposits are payable to the depositor.3 Miss. Code. R. 4-03-301