The liability of the surety under the bond is not affected by any breach of contract, breach of warranty, failure to pay a premium or other act or omission of the bonded structured settlement purchase company, or by any insolvency or bankruptcy of the structured settlement purchase company.

HISTORY: 2023 Act No. 22 (S.259), Section 13, eff January 1, 2024.

Editor's Note

2023 Act No. 22, Section 20, provides as follows:

"SECTION 20. SECTION 9 through SECTION 16 take effect on January 1, 2024. All other SECTIONS take effect on July 1, 2023, and apply to applications filed on or after the effective date."