The Arkansas Third Party Administrator Surety Bond is required by the Arkansas Insurance Department at a bond amount of $25,000. The conditions of the bond state that the Third Party Administrator will preform all legal steps as required by the Insurance Commissioner of the State of Arkansas to qualify as a Third Party Administrator and will perform all other acts as may be necessary to comply with requirements of the Arkansas Insurance Code, as amended.
What are the requirements in order to be a Third Party Administrator in Arkansas?
The Arkansas Statutes define a third party administrator as either a person, partnership or firm who collects or charges premiums from or adjusts or settles claims on residents of the state in connection with life or accident and health coverage provided by a self-insured plan or a multiple employer trust or multiple employer welfare arrangements.
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In order to practice this profession in the state of Arkansas, you will need to be registered with the Arkansas Insurance Department. The following are the things you need to submit and can be found on the Arkansas Insurance Department website:
- A completed Third Party Administrator Application for Registration
- A $25,000 surety bond executed by a surety company licensed to do business in the state
- Note: Surety1 is licensed in all 50 states!
Where can I get an Arkansas Third Party Administrator Surety Bond?
To apply for an Arkansas Third Party Administrator Surety Bond with us, all you need to begin is to fill out our online application form. Within one business day, you will receive a quote from one of our agents. Once you pay for your bond and sign some necessary paperwork, your bond will be mailed to you via USPS priority mail with overnight shipping options available.
We here at Surety Solutions Insurance Services Inc. (Surety1) understand the need for a simpler process in applying for surety bonds. We have been in the business since 2003 and our excellent service has led us to an A+ rating from the Better Business Bureau.