(a) Notwithstanding any other provision of law, any bond required on a public works contract, as defined in Section 1101 of the Public Contract Code, shall be executed by an admitted surety insurer. A public agency approving the bond on a public works contract shall have a duty to verify that the bond is being executed by an admitted surety insurer.
(b) A public agency may fulfill its duty under subdivision (a) by verifying the status of the party executing the bond in one of the following ways:
(1) Printing out information from the website of the Department of Insurance confirming the surety is an admitted surety insurer and attaching it to the bond.
(2) Obtaining a certificate from the county clerk that confirms the surety is an admitted insurer and attaching it to the bond.
(Added by Stats. 2001, Ch. 181, Sec. 1. Effective January 1, 2002.)
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