The Wyoming Third Party Administrator Bond is required by the Department of Insurance. The bond states that the bondholder shall observe and comply with all requirements set forth by the Statutes of the State of Wyoming. As well as comply with any regulations issued by the Insurance Commissioner. In addition, the bondholder shall properly account for all funds under their control as a Third Party Administrator.
What is the bond amount?
The minimum bond amount for a Third Party Administrator is $1,000. The maximum is $500,000. The bond amount is determined by the total amount of funds handled in the previous year.
Who needs a Wyoming Third Party Administrator Bond?
A Third Party Administrator underwrites, collects charges, adjusts or settles claims. Before engaging in this profession, individuals must be licensed with the Wyoming Department of Insurance. One of the licensing requirements is the Third Party Administrator bond.
What are other licensing requirements?
Applicants must submit the following:
- Completed Application form
- Audited Financial Statements
- Insurer/Third Party Administrator Contract Checklist
- Insurance Company/Third Party Administrator Appoint form
- Payment of $200 for the registration fee
How do I get a Wyoming Third Party Administrator Bond?
Surety1 can easily get you the bond that you need. You can be assured of the lowest rates as we have partnered with over a dozen A-rated surety markets.
First, start the process by completing our easy to navigate, free online application form. Next, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that we’ll collect the premium payment and have you sign the agreement. Lastly, your Wyoming Third Party Administrator bond will be mailed to you. Choose between USPS Priority Mail or Overnight delivery, for an additional fee.
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