The South Carolina Insurance Administrator Bond is required by the South Carolina Department of Insurance. The bond is required to be in the amount of $75,000. The bond states that the bond holder, or Principal, should pay any person who shall sustain loss as a result of (a) the Principal’s violation of or failure to comply with the requirements of Act 133 of 1985, as amended, (b) the Principal’s failure to properly transmit any payment received for transmission to an insurer, or other person, (c) the Principal’s misapplication or misappropriation of funds received by it, or (d) any act of fraud or dishonesty committed by the Principal in connection with the administration of an insurance benefit plan.
In order to find out the cost of the surety bond, all we need is the completed application. Surety1 has access to the best surety markets available so we will be able to get you bonded quickly at the best possible price!