SURETY BOND.
Tex. OCC Code § 2052.109.
in effect(a) A surety bond required under this subchapter must:
(1) be issued by a company authorized to conduct business in this state;
(2) comply with the applicable requirements of the Insurance Code;
(3) be payable to the state for use by the state or a political subdivision that establishes that the boxing or wrestling promoter is liable to it for damages, penalties, taxes, or other expenses resulting from promotional activities conducted in this state; and
(4) be open to more than one claim, except that the claims may not exceed the face value of the bond.
(b) A person required to file a surety bond under this subchapter shall file a new bond annually.
(c) A company that issues a bond shall notify the department in writing of the cancellation of the bond not later than the 30th day before the date on which the bond is canceled.