surplus lines broker bonds
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. A Surplus Lines Broker License surety bond, or Surplus Lines Agent License surety bond, is a license and allow surety bond required by government entities to obtain a license inside that jurisdiction to sell surplus lines insurance associated merchandise. Surplus line broker or agent license surety bonds assist ensure the surplus line agent operates in response to relevant laws and correctly accounts for premiums, taxes and fees collected on behalf of the surety firms they signify.
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Surplus Lines Broker Bond, A Detailed Analysis
Your GOOD CREDIT SCORE WORTH for a California Surplus Linse Broker Bond is $500. Note: For eligible nonadmitted insurers which might be members of teams of insurers, the regulation allows surplus line brokers and particular lines’ surplus line brokers to include the identify of the group in their advertising.
This license is just not out there to be renewed on-line. Please mail accomplished renewal invoice with license charge to the Division.
First, you will have to decide on the surety bond agency you would like to make use of. It is a good idea to search critiques before selecting. You need to know that a bonding agency normally does not underwrite its own bonds. The agency is appointed by surety bond companies, which generally perform the underwriting.
Russell Bond & Co, Inc.
1-888-416-0868 or (615) 741-2693 This office is responsible for the licensing and regulation of insurance producers, business entities, title agencies, surplus lines agents, automobile club agents, education suppliers, public adjusters, public adjuster enterprise entities, crop adjusters, viatical settlement providers, brokers and investment agents, transportable digital distributors and self-service storage insurance facilities. License filing – two year term: $1,296 the fee for an individual surplus line broker that has a $50,000 bond on file.
Some terminations should be reported to the division. Terminations must be reported in two situations: 1) when the termination is “for trigger” or 2) when the termination is the termination of a title agent or agency. Title insurers are required to report all agency terminations, and the reasons for those terminations, to the director within seven calendar days. When the terminated agent and the insurance company aren’t within the enterprise of title insurance however the termination is “for trigger,” the department have to be notified within 30 days of the termination.
Why Business Needs To Be Concerned With Surplus Lines Broker Bond
Your GOOD CREDIT SCORE VALUE for a California Surplus Linse Broker Bond is $500. Requirements are completely different from state to state. You have to to examine together with your state’s insurance department to see what is required to obtain a surplus lines broker license.