The Georgia Third Party Administrator Bond is required by the State of GA, Office of Insurance & Safety Fire Commissioner. Surety1 offers great prices on Third Party Administrator bonds–all we need is a completed, free application and we can offer you a no-obligation quote!
The Code of Georgia defines an administrator as any business entity that, directly or indirectly, collects charges, fees or premiums, adjusts or settles claims or provides underwriting or pre-certification and pre-authorization of hospitalizations or medical treatments for residents of this state for or on behalf of any insurer. All who wish to be in this profession must first get their license from the department.
What are the requirements in order to be Third Party Administrator in the State of Georgia?
In order to obtain a Third Party Administrator License in Georgia, the applicant must complete an Application for License as an Administrator form, along with $500 for the application fee. Other requirements that must be submitted include a Biographical Statement and Affidavit Form for every person listed in item 3 of the form, along with a background report for each.
Another important requirement is a Georgia Third Party Administrator Bond issued by a company licensed to do business in the state. There is no set amount for the bond but it must be equal to at least 10% of the annualized funds handled or managed. It should be at least $100,000 but not more than $500,000.
Where can I get a Georgia Third Party Administrator Bond?
Simply fill out our free online application! One of our licensed agents will contact you within one business day of your submission with a quote for your bond. We offer the lowest rates in the market due to our partnership with over a dozen “A” rated surety markets. Once any necessary paperwork is signed and the premium payment is made, your bond will be shipped to you via USPS priority mail (with overnight shipping options available).
With an A+ Rating from the Better Business Bureau, Surety1 can provide you fast, reliable service for all of your bonding needs, as we are licensed in all 50 states.