The State of Oklahoma requires a surety bond for Third Party Administrators in the amount of $10,000. The bond states that the bondholder must obtain a license required per Title 36 O.S. §1448 and O.A.C. 365:25-3-12(f) to post a bond to secure the performance of the administrator in conformity with the laws, rules, and regulations governing Third Party Administrators for the protection of parties with whom the administrator deals. The bond amount should not be less than $10,000.
Additional License Requirements
- Electronically Signed Application Completed Through OPTins
- Payment of Application Fee $100.00 Paid Through OPTins
- Must be legal entity: Corporation, LLC, Partnership, LP, or other legal entity
- Copy of Articles of Incorporation / Organization and Bylaws, or Partnership Agreement or LLC Operating Agreement
- Must be registered with Oklahoma Secretary of State, need Certificate of Incorporation or Organization or Cert of Authority
- List of Owners, Officers, & Directors (This includes all officers, directors and key managerial personnel of the Applicant Company and individuals with a ten percent (10%), or more, beneficial ownership in the Applicant Company and the Applicant Company’s ultimate controlling parent (Affiant).
- Completed Biographical Affidavits for each person named in above list Title 36 O.S. § 1450(C)
- Background/Business Character Reports for each biographical affidavit submitted from an approved third-party vendor on NAIC list
- Need list of insurers or trusts the TPA has or will have an agreement with Title 36 O.S. § 1450(E)
- Must have Surety Bond in an amount not less than $10,000 in favor of Oklahoma Insurance Commissioner
- Copy of TPA Licensure in Home State and Certificate of Good Standing or screenshot from home state licensing database reflecting the current date to verify the TPA Licensure is active
- Notification of any Administrative Action in other states, including a copy of paid fines or fees and a statement summarizing same
How do I obtain an Oklahoma Third Party Administrator Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.