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.
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.