The Wisconsin Employee Benefit Plan Administrator Bond is required by the Commission of Insurance, Agent Licensing Section. The bond is in place to help ensure that the company will make due payment to the persons entitled all funds coming into its possession as an incident to employee benefit plan administrator activities, and will comply with all the provisions of ch. 633, Wis. Stat., and any applicable administrative rules promulgated by the Wisconsin Commissioner of Insurance.
The bond amount varies. It should be equal to 5% of the amount of business projected to be administered on behalf of Wisconsin residents in the coming fiscal year. The minimum bond amount is $15,000 and maximum amount is $250,000.
Additional Licensing Requirements
The applicant may apply through the NIPR website or by submitting a paper application. In addition to the application, the following items must be submitted:
- Financial statements for the administrator’s most recently completed fiscal year.
- Payment of the initial license fee of $100.
How do I obtain a Wisconsin Employee Benefit Plan 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.