The Florida Department of Financial Services, Office of Insurance Regulation requires the Florida Premium Finance Company Surety Bond.
The Department of Financial Services requires the Florida Premium Finance Company Surety Bond in order to ensure the licensee will do his or her job correctly, lawfully and ethically. The Florida Premium Finance Company Surety Bond protects the state and the public from any financial harm or deceit that they might experience by engaging with the premium finance company.
All applicants are required to meet certain financial minimums. They must either have a statutory net worth of $35,000 that is attested to by two officers of the company, or they must have a surety bond on file with the Department of Financial Services in the amount of $35,000. The Florida Premium Finance Company Surety Bond has a one year term and is required to be in the amount of $35,000 for the entirety of that year. This bond must remain active and valid in order to lawfully operate, so timely renewal of this bond is very important. Surety1 writes this bond as low as $350 for the year term.