The Idaho Managing General Agent Bond is required by the State of Idaho, Department of Insurance. The bond amount is $5,000 or 10% of the total funds handled in the preceding year, whichever is greater.
A Managing General Agent (MGA), as described in the Idaho Statutes Title 41, Chapter 15, is any person, firm, association or corporation who negotiates and binds ceding reinsurance contracts on behalf of an insurer. Likewise, it is someone who manages all or part of the insurance business of an insurer.
Anyone wishing to act as an MGA must hold a separate, active Property and Casualty Producer license before applying.
What documents are required in order to become a Managing General Agent in Idaho?
- Completed Licensing Packet.
- Proof of an Errors and Omissions policy. With a limit of $250,000 or 25% of the gross amount of direct written premiums received by an insurer for the previous year that are attributable to you as their MGA, whichever is greater.
- List of the names and addresses of all insurers doing business in the State of Idaho or Idaho domestic insurers with which you have a contract to act as their MGA.
- A verified statement on the DOI form that these MGA contracts contain provisions required by §41-1504 of Idaho Code.
- Pay the $80 fee.
- Present a surety bond.
Where can I get an Idaho Managing General Agent Bond?
At Surety1, we make things easy for you. Start the process by completing our easy-to-navigate, free online application form. After that, one of our surety agents will contact you with a no-obligation quote for the bond premium. After that you just need to pay the bond premium and choose your shipping options. We can have your Idaho Managing General Agent Bond mailed through USPS Priority Mail or overnight delivery.
Surety1 offers fast and friendly service, as evidenced by our A+ rating from the Better Business Bureau.