Idaho Third Party Administrator Bond |
AmeriPro Surety Bonds | 844-589-9732
Idaho – TPA’s
The Idaho Department of Insurance regulates and licenses third party administrators. For both resident and non-resident licensees, you are required to purchase a surety bond if your TPA business administers or will administer self-funded health plans.
According to paragraph §41-911(8) of the Idaho Code, the amount of surety bond required is the GREATER of:
- $100,000 surety bond;
- Or, the GREATER of 10% of the contributions collected by your business from self-funded health plans;
- Or, 10% of the benefits paid by the self-funded plans in the prior calendar year;
- Or, if none of the contributions or benefits above is applicable, then the amount should be 10% of the funds that you estimate you’ll receive from self-funded health plans during the next year.
Qualifying and the Premium
Qualifying for the Idaho third party administrator bond involves you telling us the amount of surety bond required, based upon the statutory criteria; completion of an application; and undergoing a credit review.
The application can be begun with an agent over the phone, however, you will be required to complete, sign and have witnessed the final application.
A credit review comprises the final approval process. Good credit is required. If approved, the premium for the Idaho TPA surety bond will be 1% of the amount required.
Annual Renewal of the Premium
The premium associated with your surety bond is good for one year. Upon renewal, if the bond amount required is different, we will issue you a new surety bond amount with the corresponding new premium.
Purpose of Your Surety Bond Requirement
The third party surety bond requirement is a financial guarantee which ensures the state’s Department of Insurance and any customer or consumer of your fidelity to all laws, regulations, and amendments governing TPA professional conduct in Idaho.
AmeriPro Surety Bonds provides third party administrator surety bonds nationwide. We are also provides of license and permit bonds in all 50 states.
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