The act (1 Pa.C.S. § 1906) provides that a statute requiring bond or undertaking with sureties to be given by any person, shall be construed to permit in lieu thereof a bond of indemnity or surety bond for the amount of such bond or undertaking, given by any indemnity or surety company authorized to do business in this Commonwealth, and approved by the proper authority.
101 Pa. Code § 13.104