Section 14-34-6-5 - Options instead of bond(a) Instead of a bond, an operator may elect to deposit:(2) negotiable bonds of the United States government or of Indiana; or(3) negotiable certificates of deposit or letters of credit of a bank organized or transacting business in the United States; in an amount or that has a market value equal to or greater than the amount of the bond required for the bonded area under the same terms and conditions upon which surety bonds are deposited.
(b) In the alternative, the director may accept the applicant's own bond without separate surety if the applicant demonstrates to the satisfaction of the department under IC 14-34-7 the following: (1) The existence of a suitable agent to receive service of process.(2) A history of financial solvency and continuous operation sufficient for authorization to self insure or bond the amount.Pre-1995 Recodification Citation: 13-4.1-6-5.
As added by P.L. 1-1995, SEC.27.