(a) An applicant must obtain, and an administrator must maintain, a fidelity bond that complies with the requirements of the Insurance Code §4151.055 and this section.(b) Applicants and administrators may only obtain a fidelity bond from a surety company authorized to engage in business in this state as a surety or an eligible surplus lines insurer in compliance with the Insurance Code Chapter 981 and rules adopted thereunder.(c) An applicant or administrator whose fidelity bond is cancelled or terminated and not replaced with new coverage that meets the requirements of the Insurance Code §4151.055 and this section and that is effective concurrently upon the date of the cancellation or termination shall immediately inform the commissioner in writing, which in no event shall be later than ten business days from the date the applicant or administrator first becomes aware of the cancellation or termination.