(1) Prior to the issuance of a license as a public adjuster, the applicant shall file with the commissioner a surety bond in favor of the people of Montana in the amount of $5,000, executed by a surety company authorized to do business in the state. The total aggregate liability on the bond may be limited to the payment of $5,000. The bond shall be conditioned on the accounting of the adjuster to any insured whose claim the adjuster is handling for moneys or any other settlement in connection with the claim.

(2) Any bond shall remain in force concurrently with the license, or until the surety is released from liability by the commissioner, or until canceled by the surety. Without prejudice to any liability accrued prior to the cancellation, the surety may cancel a bond upon 30 days written notice filed with the commissioner.