The Utah Third Party Administrator Bond is required the Utah Insurance Department. The bond states that the bondholder shall observe and comply with all requirements as set forth by Statute of the State of Utah. Particularly with the Utah Insurance Code. In addition, they shall faithfully fulfill all obligations and properly account for all funds under their control.
What is the bond amount?
The amount of the bond must be equal to at least the greater of:
- 10% of the total funds handled by the administrator, or
- $5,000, and
- must not exceed $500,000
Who needs a Third Party Administrator bond?
A third party administrator is a person who collects charges or premiums, or, for consideration, adjusts or settles claims of residents of the state in connection with insurance coverage, annuities, or service insurance coverage. Individuals must obtain a Certificate of License as a Third Party Administrator to do business as such in the State. The bond is one of the licensing requirements.
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!
How do I obtain a Utah Third Party Administrator Bond?
Surety1 is the answer for all your surety bond needs. We started this business in 2003, and though our headquarters are located in California, we are licensed to issue surety bonds for all 50 states. We can get you your Utah Third Party Administrator Bond for a very low price and we can get you the bond fast. In fact, the application process may be finished in just one business day.
Start the process by completing our easy to navigate, free online application form. Then, after your application has been submitted, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that you just need to pay the premium and sign the agreement. Lastly, your Utah Third Party Administrator bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We maintain an A+ rating from the Better Business Bureau for our excellent rates and services.