Why This Is Important, Surplus Lines Broker Bond

The Georgia surplus lines broker bond is a $50,000 surety bond required by the state’s department of insurance. Oklahoma Surplus Lines Insurance Brokers must furnish a surety bond as a condition of their application to the Insurance Commissioner of the State of Oklahoma for a license as a Surplus Lines Broker pursuant to the provisions of the Oklahoma Insurance Code, (Title 36, Oklahoma Statutes, Sections 101 et seq.). This surety bond ensures that the bonded surplus lines broker conducts business in accordance with licensing guidelines and regulations and the provisions of the Oklahoma Insurance Code.

California Insurance Code Section 1765.1(f) permits insurance to be placed, on a restricted basis, with nonadmitted insurers not eligible under 1765.1 if certain circumstances are met (consult with the Code Section for specifics).

Surplus Lines Broker Bond, A Guide For You

Your GOOD CREDIT WORTH for a California Surplus Lines Broker Bond is $500. License filing: – two 12 month term: $1,296, the payment for a surplus line broker business entity license.

Points $50,000 surplus line broker bonds immediately for $500, and bonds for special lines brokers will be issued for just $100. Merely click Buy Now to select and buy your bond via our secure bond checkout. In just a few minutes you will be on your way to getting bonded as a surplus lines broker or special surplus lines broker in California.

A Bond of Surplus Line Broker, type LIC 447-31, in the penal sum of $50,000, by a California admitted surety and accompanied by a jurat and a power of attorney for the attorney in-fact executing bond; completed in the name of the applicant and signed by the applicant.

• The bond serves as a financial guarantee that the broker will comply with all applicable state laws and regulations.
• Claims against the bond may be filed by clients or state authorities if the broker engages in fraudulent or noncompliant conduct.
• Premium costs for the bond vary based on the applicant’s credit score and financial history.

Applications For Surplus Lines Brokers’ Licenses (§ 38.2

1-888-416-0868 or (615) 741-2693 This office is responsible for the licensing and regulation of insurance producers, business entities, title businesses, surplus lines agents, automobile club agents, education providers, public adjusters, public adjuster business entities, crop adjusters, viatical settlement providers, brokers and investment agents, portable electronic distributors and self-service storage insurance services. The FSLSO will continue serving as the South Dakota Division of Insurance’s vendor for all surplus lines filings and premium tax submissions. As of October 1, 2016, all new and renewal multi-state surplus lines insurance policies will be filed as single-state policies with the FSLSO when South Dakota is the home state. If you have any questions regarding this process, please contact the Division of Insurance.

California acknowledges an exempt commercial purchaser (referred to as commercial insured in California) under NRRA (California Insurance Code Sections 1760.1 and 1763(h).

All About Surplus Lines Broker Bond

The Georgia surplus lines broker bond is a $50,000 surety bond required by the state’s division of insurance. We hope that this text has helped you understand further the importance of obtaining a license and permit bond. Applying for the correct type of surety bond is essential in ensuring that you have the proper approval.