Ohio Code 3905.35 – Bond
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Before an applicant receives a resident license under section 3905.30 of the Revised Code, the person named in the license shall execute and deliver to the superintendent of insurance a bond in the sum of twenty-five thousand dollars, payable to the state and conditioned that the person will faithfully comply with sections 3905.30 to 3905.35 of the Revised Code. The bond required by this section shall be issued by an insurance company authorized to transact surety business in this state, be on a form prescribed by the superintendent, and be deposited with the superintendent and kept in the superintendent’s office.
Terms Used In Ohio Code 3905.35
- Bond: includes an undertaking. See Ohio Code 1.02
- Insurance: means any of the lines of authority set forth in Chapter 1739. See Ohio Code 3905.01
- License: means the authority issued by the superintendent to a person to act as an insurance agent for the lines of authority specified, but that does not create any actual, apparent, or inherent authority in the person to represent or commit an insurer. See Ohio Code 3905.01
- Person: means an individual or a business entity. See Ohio Code 3905.01
- state: means the state of Ohio. See Ohio Code 1.59