Arkansas Managing General Agent Bond
AmeriPro Surety Bonds | 844-589-9732
Managing General Agents – Arkansas
The Arkansas Department of Insurance is the regulatory body which licenses and regulates the activities of managing general agents in the state. In addition to an application and errors and omissions policy, you are required to provide proof of having obtained a $100,000 surety bond at the time of the submission of your application.
Qualifying and the Premium
Qualifying for the $100,000 Arkansas managing general agent bond will be by means of a short surety bond application — which we can begin with you over the phone — but which will require your signature and that of a witness (it does not need to be notarized).
After the completed application has been submitted, it is sent to an underwriter for review. A credit inquiry will be included and you will need good credit in order to qualify for this surety bond.
If you are approved, you will be approved at 1%, or $1000 premium.
On approval of your application and receipt of the premium, our agency issues this bond to you immediately. The original surety bond, which you will sign as Principal, and which will bear our signature as Surety, will be sent to you by the following business day.
Your managing GA surety bond can also be mailed overnight for an additional fee.
Premium Prepayment Options
At $1000 premium the Arkansas managing general agent bond is issued for one year. Thereafter, the bond and premium are renewed.
Your surety bond may be prepaid for up to 3 years. Prepayment of the premium helps you in two ways: One, it lengthens the time between renewals; and the second is that it offers you a savings over year to year renewal of the premium.
The premium prepayment options and savings are as follows:
- If prepaid for 2 years, the premium is $1800, a $200 savings;
- If prepaid for 3 years, the premium is $2600, a $400 savings.
Purpose of Your Surety Bond Requirement
This $100,000 surety bond is a financial guarantee that you will be in compliance with all laws governing general managing, otherwise known as the Managing General Agents Act. This also includes in future amendments, subtractions, or additions to this law.
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