(1) A corporate surety that has provided a bond to a licensee pursuant to section 44-20-412 or 44-20-413 shall provide notice to the board and director of any claim that is honored against the bond within thirty days after the claim is honored.
(2) A notice provided by a corporate surety pursuant to subsection (1) of this section must be in the form required by the director, subject to approval by the board, and must include the name of the licensee, the name and address of the claimant, the amount of the honored claim, and the nature of the claim against the licensee.
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