The Iowa Third-Party Administrator Bond is required by Iowa’s Insurance Division. The bond must be in an amount equivalent to 10% of the third-party administrator’s average daily client account balance during the preceding calendar year. In no case shall the bond be less than $50,000 or more than $1,000,000.
Third Party Administrators collect charges or premiums in connection with life and health insurance coverage and/or annuities. They may also adjust or settle claims for Iowa residents. If you are not yet licensed or registered in another state, you will need to complete the Uniform Application for Business Entity/License Registration.
What is the purpose of the Iowa Third-Party Administrator Bond?
The bond states that the bondholder shall comply with all applicable provisions of the Iowa Insurance Code. In addition, the bondholder shall make a full accounting and due payment of entitled funds to the person or company as an incident to the Third-Party Administrators transactions.
Where can I get a Iowa Third-Party Administrator’s Bond?
For all your surety bond needs, Surety1 is here for you. We have been issuing surety bonds since 2003 and are licensed in all 50 states. Not only can we process your application fast, we can offer the lowest rates. We have partnered with over a dozen A-rated surety markets.
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. Once you decide to move forward with us, you just need to pay the bond premium and choose your shipping options. You may choose to have your Maine Private Investigator Bond mailed through USPS Priority Mail or overnight delivery, for an extra fee.
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