Georgia Third Party Administrators (TPA’s) are in the business of processing claims for the insurance industry --- which can be for healthcare, benefits plans, or liability insurance --- as a third party.
TPA’s have these responsibilities transferred to them which would otherwise be the responsibility of the underlying insurance company.
In Georgia, third party administrators are required to furnish the Department of Insurance – Enforcement Division with evidence of a Georgia third party administrator surety bond.
The minimum amount required is a $100,000 surety bond.
The purpose of this administrator surety bond is a financial guarantee which ensures your compliance with all rules, laws, statutes, and amendments related to TSA’s in Georgia.
The bond protects others --- the Department and your clients --- from all acts of fraud, theft, misfeasance and malfeasance related to your professional conduct and management of funds as a third party administrator.
Should a claim be filed against your surety bond, judged credible and paid, it is your responsibility as the owner of the bond (known as the principal) to reimburse the surety for all costs and fees involved in the settlement of any claim against you.
The GA third party administrator bond is a minimum surety bond of $100,000. The amount may be higher as required by the Department for your TPA entity.
The premium for this surety bond will be determined by the amount of the surety bond required, information provided as part of the application process, and your credit score. An applicant will need good credit to be approved for this bond through our agency
Applicants who are approved for this bond, will pay 1% of the amount required. Thus, a $100,000 Georgia TPA bond will cost you just $1000 a year. We also offer you prepayment options for this bond. Prepayment lengthens the time between renewals and offers a savings over renewing each year. The prepayment options and savings for the TPA surety bond in Georgia are as follows.
Once issued, the bond is active for one year from the date of issuance, unless prepaid. A currently active surety bond must always be kept on file as a condition of licensing with the Department.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary bonds throughout Georgia and nationwide.
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