Any person, while licensed as a resident agent or broker as to property, casualty, and surety insurances, and who is deemed by the Commissioner to be competent and trustworthy, may be licensed as a surplus line broker as follows:

(1) Application to the Commissioner for the license shall be on forms furnished by the Commissioner;

(2) The license fee shall be in an amount as provided in Code Section 33-8-1;

(3) Each license shall be issued for a term expiring on December 31 next following the date of issuance and may be renewed annually by filing an application and paying the prescribed fee in accordance with this Code section;

(4) Prior to the issuance of the license or any renewal of such license the applicant shall file with the Commissioner a bond, to be approved by the Commissioner and made payable to the Commissioner or his successor in office, for the benefit of any person injured by the violation of the conditions provided in this paragraph. The bond shall be executed by the applicant as principal and by a corporate surety authorized to do business in this state and shall be in the penal sum of $50,000.00, conditioned that the applicant will comply with the following:

(A) Place insurance only in compliance with Code Section 33-5-25;

(B) Remit promptly the taxes provided in Code Section 33-5-31;

(C) Account to any person requesting him to obtain insurance for funds or premiums collected in connection with such insurance; and

(D) Otherwise conduct business in accordance with this title.

The bond shall not be terminated unless prior to such termination 30 days' written notice is filed with the Commissioner; and

(5) Each applicant for a license to act as a surplus line broker shall submit to a personal written examination to determine his or her competence.