Surety Bond Requirements
Certain types of licenses issued by the LDI require that the licensee maintain a surety bond. All of those bonds are required to meet certain standards to be acceptable.
- The bond must be issued by an insurer admitted to write surety business in Louisiana
- Each bond must be executed on the form provided by the LDI
- The original bond must be filed with the LDI
- Each bond must provide for a cancellation notice of not less than thirty day
- A continuation certificate for the bond shall be provided to the LDI annual no less than ten days prior to the expiration
Below is a list of the various license types which require or allow a surety bond as a statutory deposit or evidence of financial responsibility and the statutory citation for the requirement. The LDI has developed a multi-use form for all of these licensees. Click here for a copy of that form.
Third Party Administrator (La. R.S. 22:1651 I)
Vehicle Mechanical Breakdown Insurer (La. R.S. 22:365)
Property Residual Value Insurer (La. R.S. 22:385)
Public Adjuster (La. R.S. 22:1701)