Surety bond required

(a) Before the issuance of the administrator license, the administrator shall file with the commissioner, and maintain in force while so licensed, a surety bond of at least $100,000 during the administrator's first licensing biennial, and at least $300,000 for every licensing renewal thereafter, in the form and penal sum acceptable to the commissioner, and shall provide that the bond may not be canceled or otherwise terminated until two years have elapsed from the last day the applicant was an administrator, unless the commissioner has given prior written consent. The surety bond shall be undertaken and may be enforced in the name of "Commissioner of Insurance, State of Hawaii". (b) At the first licensing renewal, and each subsequent year, the surety bond amount shall be at least $300,000 and filed in accordance with section 431:9J-112.