(a) All bonds enumerated in § 22-9-401 and bid bonds enumerated in § 19-4-1405 shall be made by surety companies that have qualified and are authorized to do business in the State of Arkansas and are listed on the current United States Department of the Treasury's Listing of Approved Sureties.
(b)
(1) The bonds shall be executed by a resident or nonresident agent.
(2) The resident or nonresident agent shall:
(A) Be licensed by the Insurance Commissioner to represent the surety company executing the bond; and
(B) File with the bond the power of attorney of the agent to act on behalf of the bonding company.