SEC. 69-21-115. Financial responsibility.

Section 69-21-115, Mississippi Code of 1972, is reenacted as follows:

69-21-115. Any person seeking to obtain a license as an applicator in this state shall submit proof of financial responsibility to the board, and upon obtaining a license, such person shall maintain proof of financial responsibility at all times while such license shall be in effect. Proof of financial responsibility may consist of:

(a) The deposit with the board of a surety bond in favor of any person or persons who may suffer damage by reason of the operation of an aerial application service, issued by a corporate surety company authorized to do business in this state, which surety bond shall be in an amount not less than the amount of financial responsibility required by the rules and regulations of the board. However, the aggregate liability of the surety to all such persons shall not, in any event, exceed the amount of such bond; or

(b) The filing of an insurance policy of an insurer or surplus line broker authorized to do business in this state insuring the licensee and any of his agents against liability resulting from the operation of an aerial application service, which insurance policy shall be in an amount deemed as acceptable to the board, but not less than Five Thousand Dollars ($5,000.00).

The board shall establish by rules and regulations the amount of financial responsibility to be required of each licensed applicator, but in no event shall the amount of financial responsibility required be less than Five Thousand Dollars ($5,000.00).

SOURCES: Codes, 1942, Sec. 5011-07; Laws, 1966, ch. 239, Sec. 7; reenacted, 1983, ch. 304, Sec. 8; reenacted, 1991, ch. 391, Sec. 8, eff from and after July 1, 1991. Reenacted without change, Laws, 1996, ch. 447, Sec. 8, eff from and after July 1, 1996; 1997 Laws, Chapter 468, Sec. 8, SB2288, Effective July 1, 1997. Reenacted by Laws 1999, Ch. 387, Sec. 8, eff. July 1, 1999.