Arizona Managing General Agent Bond
AmeriPro Surety Bonds | 844-589-9732
AZ Managing General Agents; Surety Bond Amount and Purpose
Arizona managing general agents are licensed and regulated by the state’s Department of Insurance.
MGA’s, as a prerequisite to licensing, are required to obtain a surety bond. The purpose of the surety is to serve as a financial guarantee for the protection of both the insureds and insurers.
According to the Arizona Revised Statutes, 20-311.02, the amount of the surety bond required is:
- A minimum of $100,000 surety bond required, OR;
- Equal to 10 percent of the MGA’s total written premium in the prior calendar year, whichever amount is greater;
- But, in no case greater than $500,000 surety requirement.
Qualifying and the Premium
Qualifying for the Arizona managing general agent bond includes providing our agency with the amount of surety required, completing a short surety bond application (the application must be signed by you), and undergoing an underwriter review.
The underwriter review includes a credit check inquiry. Good credit is required for approval; and the rate offered is 1% of the surety bond amount.
Once your surety bond has been approved, and the premium has been, our agency issues your surety bond to you immediately. Your bond and Power of Attorney will be sent to you by mail.
Upon receipt, you’ll sign your bond as Principal, filing it along with the POA form to:
Insurance Licensing Section
State of Arizona
2910 N. 44th Street, Suite 210
Phoenix, AZ 85018
Term of Your Surety Bond
Your managing general agent bond is active for one year from the date of issuance. Presumably, given the above formula for determining the bond amount, you’ll likely require a different surety bond amount at renewal.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, probate, and other surety bonds in Arizona and all 50 states.
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Or, you may fill out the form below and a Surety Agent will contact you…