As part of the licensing process, the Georgia Office of Commissioner of Insurance requires pharmacy benefits mangers to obtain and maintain a continuous $100,000 surety bond as a condition for licensing with the Office.
AmeriPro Surety Bonds offers you the surety bond for filing with the Commissioner.
The purpose of the Georgia pharmacy benefits manager bond is a financial guarantee which ensures your compliance with all rules, statutes, regulations, and amendments involved in your profession.
As stated under Rule 120-2-97-04, this surety bond specifically protects against acts of fraud, theft, or criminal malfeasance and the protection of all money coming into the possession of a licensed pharmacy benefits manager.
The bond’s existence allows those who can credibly demonstrate financial loss to file against the surety bond and recoup those losses. In no cases, however, will the bond pay out more than its total face amount.
As owner of the surety bond (the principal) you are ultimately financially responsible to reimburse the surety for any fees paid against your bond.
Whereas this surety bond is for the protection of the state of Georgia, the additionally required E&O insurance policy is required for your benefit. AmeriPro Surety Bonds only offers surety bonding.
The premium for this bond represents the price that you will pay for its issuance.
Both an application and a credit check are part of the surety bonding pricing.
As preparation for the application, because of this bond’s large size, you may be expected to be asked about:
Our agency encourage candor in your response. We are here to help and work for you; and with the possible exception of a current bankruptcy, none of these answers is of themselves, automatically disqualifying.
Applicants with very good credit may pay as little as 1.5% annually; however, the amount that you will be required to pay will depend on both the application and credit scoring.
Once issued, the bond is active for one year from the date of issuance.
By statute, proof of continuous surety bond coverage must be provided to the Commissioner as a condition of licensing.
AmeriPro Surety Bonds is a surety bonds-only agency which in addition to the Georgia pharmacy benefits manager bond, also provides license and permit, court, contractor, and fiduciary bonds throughout Georgia.
Please call us today and we’ll work with you to get you bonded soon!
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