The Minnesota Third Party Administrator Bond is required by the State of Minnesota, Commerce Department. The bond states that the bondholder shall comply with the laws of the State of Minnesota pertaining to Third Party Administrators and comply with all requirements of Minnesota Statutes § 60A.23, Subdivision 8. The bond will be in an amount equal to 120 percent of the total amount of claims handled by the applicant in the prior year.
Surety1 has access to the best surety markets available. We will get you bonded quickly and at the best possible price.
How do I become a Third Party Administrator in Minnesota?
All applicants must submit to the commissioner the following:
- A completed Third Party Administration License Application Form.
- Resume for each key employee.
- Guarantee form when an applicant uses the financial statements of a parent or other related entity to meet the financial requirements. This should be accompanied by a resolution by the guarantor’s board of directors authorizing the guarantee.
- Business tax identification number and social security number.
- Annual activity report.
- A surety bond issued by a company licensed to do business in the state.
Where can I get a Minnesota Third Party Administrator Bond?
Surety1 offers an easy to navigate, online application. After the application is submitted, one of our friendly and knowledgeable agents will contact you with a no-obligation quote for the bond premium. If you wish to proceed, we would collect payment, have you sign any necessary paperwork and mail the bond to you. We use USPS Priority Mail. Overnight is available for an additional fee.
Our company, Surety Solutions Insurance Services, Inc (Surety1) has been in business since 2003. We are licensed in all 50 states. We have also been rated A+ by the Better Business Bureau. You can be assured that we will provide quality service for any of your surety bond needs.