(1) Each licensed nonresident independent or public adjuster shall appoint the Chief Financial Officer and his or her successors in office as his or her attorney to receive service of legal process issued against the nonresident independent or public adjuster in this state, upon causes of action arising within this state out of transactions under his license and appointment. Service upon the Chief Financial Officer as attorney shall constitute effective legal service upon the nonresident independent or public adjuster.
(2) The appointment of the Chief Financial Officer for service of process shall be irrevocable for as long as there could be any cause of action against the nonresident independent or public adjuster arising out of his or her insurance transactions in this state.
(3) Duplicate copies of legal process against the nonresident independent or public adjuster shall be served upon the Chief Financial Officer by a person competent to serve a summons.
(4) Upon receiving the service, the Chief Financial Officer shall forthwith send one of the copies of the process, by registered mail with return receipt requested, to the defendant nonresident independent or public adjuster at his or her last address of record with the department.
(5) The Chief Financial Officer shall keep a record of the day and hour of service upon him or her of all legal process received under this section.