Sec. 14. (a) A licensee may not cancel an approved bond or approved insurance unless the director has given prior written approval for the cancellation and has received a substitute cash deposit or has approved a substitute bond or insurance. The surety on a bond may cancel a bond required by this chapter only after the expiration of ninety (90) days from the date the surety mailed a notice of intent to cancel, by registered or certified mail, to the director. An insurance company may cancel insurance required by this chapter only after the expiration of a thirty (30) day period from the mailing, by certified mail, of notice of intent to cancel, to the director. The surety and the insurance company shall, at the time of giving notice to the director, send a copy of the notice to the licensee. (b) Notwithstanding any other provision of this chapter, a licensee shall automatically be fined one thousand dollars ($1,000) for failure to: (1) file a new bond, letter of credit, or cash deposit within the ninety (90) day period as provided in this section; (2) file new evidence of insurance within the thirty (30) day period as provided in this section; or (3) maintain at all times a bond or cash deposit and insurance as provided in this chapter. If a licensee fails to pay the fine and meet the requirements set forth in this subsection within ninety (90) days, the agency shall revoke the license of the licensee. Formerly: Acts 1973, P.L.268, SEC.1. As amended by Acts 1979, P.L.249, SEC.8; P.L.125-1997, SEC.32; P.L.114-2025, SEC.20.
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