Georgia Third Party Administrator Bond

A Georgia Third Party Administrator Bond (Georgia TPA Bond) is a type of surety bond required by the Georgia Office of the Commissioner of Insurance and Safety Fire for businesses acting as third-party administrators (TPAs). The minimum bond amount is $100,000. the cost of the surety bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms.

How to Get a Georgia Third Party Administrator Bond

At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:

1. Complete the easy to navigate and secure online application. ¹
2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. ²
3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the Georgia Third Party Administrator Bond will be shipped to the bond applicant.
^{1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2- Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required}

Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.

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About Georgia TPAs

In Georgia, a Third-Party Administrator (TPA) is any business entity that deals with insurance-related activities on behalf of an insurer for residents of the state. Here’s a breakdown of what a TPA typically does according to the Georgia Code https://oci.georgia.gov/:

• Collects charges, fees, or premiums related to insurance plans.
• Adjusts or settles claims, which includes investigating, examining claims, or handling claim funds.
• Provides underwriting or pre-certification and pre-authorization for hospitalizations or medical treatments.

This basically means TPAs manage various aspects of insurance plans, but they are not the insurance company itself. They act as an intermediary between the insurer and the policyholder. Any entity performing any of these duties in Georgia, even if located outside of the state, must be licensed and provide a Georgia TPA bond.

Georgia TPA Bond Amount

The Georgia Third Party Administrator Bond amount isn’t a fixed number. There’s a minimum requirement, but it can also be higher depending on the specific situation. Here’s the breakdown:

• Minimum: $100,000
• Maximum: $500,000

The exact amount depends on 10% of the annualized funds your TPA handles or manages.

• If 10% of your annualized funds is less than $100,000, you still need to get a $100,000 bond.
• If 10% of your annualized funds is between $100,000 and $500,000, that will be your bond amount.
• If 10% of your annualized funds is more than $500,000, the maximum bond amount is $500,000.

So, to get the specific bond amount you’ll need, you have to calculate 10% of the funds your TPA handles annually.

Why Choose Surety1.com for all your bond needs?

• Experience: Surety1 has been in business since 2003, specializing in surety bonds nationwide, with specific experience in Florida.
• Variety: We offer a wide range of Florida surety bonds for various professions and industries.
• Competitive Rates: We offer competitive rates and work with over a dozen surety bond companies to find the best price for you.
• Easy Online Application: Our user-friendly and secure online application process make for for quick and convenient bonding.
• Licensed Nationwide: Licensed in all 50 states to serve all your surety bond needs.
• Fast Service: We offer fast turnaround times for bond issuance.
• Support: Surety1 has a team of surety bond professionals available to answer your questions and guide you through the process.
• Positive Reviews: Surety1 has an A+ rating with the Better Business Bureau and positive reviews online.
• Surety Bond Only Agency: Surety1 only provides surety bonds. Benefits of Working With a Surety Bond Only Agency