Execution and Delivery of Bond: Amount of Bond:

Condition: Rights Conferred by License: Expiration Date. Before receiving such license, such surplus line broker or agent shall execute and deliver to the commission a bond in the penal sum of two thousand dollars ($2,000.00) in such form and with such sureties as the Commissioner shall approve, conditioned that he will fully comply with all requirements of this article. Such license shall entitle such broker or agent to transact business for any or all unauthorized insurance companies or insurers as provided in this article, and shall expire on the first day of July next following the date of issue.