325.020. Application for license, contents of — bond.

334 words·~2 min read·/mo/chapter-325/325-020

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325.020. Application for license, contents of — bond. — 1. Any person, partnership, association or corporation desiring to be licensed as a public adjuster or public adjuster solicitor shall submit an application therefor to the director upon forms adopted by the director, and shall file corporate surety bond in the amount of ten thousand dollars and for each employee engaged as a public adjuster or solicitor a separate corporate surety bond in the amount of one thousand dollars; said bonds shall be conditioned upon a satisfactory accounting of any funds received in settlement of losses or claims for holders of insurance policies within the provisions of sections 325.010 to 325.055 ; provided, however, that the aggregate liability of the surety for all breaches of the conditions of the bond shall, in no event, exceed the sum of such bond.

The surety on the bond shall have the right to cancel such bond upon giving thirty days' notice to the director and thereafter shall be relieved of liability for any breach of condition occurring after the effective date of said cancellation.

2. Each application shall be signed and verified under oath by the applicant, shall contain the name and address of the applicant and the address of the place where the applicant will conduct an adjusting business, whether any adjuster's license has previously been issued to the applicant, the applicant's occupation or business for the five years next preceding the date of the application, including names and addresses of employers within this period, and such other information as the director may require to enable him to determine the experience, education and training of the applicant to engage in this type of business.

3. If the applicant is a partnership, association or corporation, the application shall contain the above information for each partner, member, officer or director as may be applicable. The license issued shall entitle only those persons named in the application to engage in the adjusting business.

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(L. 1973 S.B. 28 § 3)