Maine Managing General Agent Bond
AmeriPro Surety Bonds | 844-589-9732
Maine — The way life should be…
Maine Managing General Agent License
The Bureau of Insurance requires managing general agents in Maine to obtain a $100,000 surety bond as a prerequisite for licensing.
The surety bond is required of both new and renewal applicants. Your managing general agent license, payable to the Bureau, renews on June 1st of each year. The renewal fee is $100.
Qualifying and the Premium
Qualifying for the $100,000 Maine managing general agent bond involves completing an application — which we’ll begin with you over the phone — but will ultimately require your signature and that of a witness.
There is also an underwriter review which also includes a credit inquiry, personal or business.
Good credit is required for approval with our agency, and if approved the premium is 1%, $1000 annually.
After approval of your application, and payment of the premium, our agency issues the bond to you immediately for filing. Included with your surety bond will be a Power of Attorney (POA) form which you’ll also file.
Upon receipt, you’ll sign your original surety bond as Principal, filing it along with the POA form to:
State of Maine Bureau of Insurance
34 State House Station
Augusta, ME 04333
Premium Prepayment Options
The $1000 premium associated with your Maine managing general agent bond is good for one year. Thereafter, your premium and surety bond renew.
The option exists to prepay your surety bond premium up to 3 years. Prepayment of the premium does two things for you.
The first is that, obviously, it lengthens the time between renewals; the second is that you have a savings of hundreds of dollars.
The premium prepayment option 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 the Surety Bond Requirement
Your surety bond is a financial guarantee which ensure your compliance with all laws relating to being a managing general agent business. More specifically, the bond guarantees your compliance with Title 24-A M.R.S.A. §1492 – §1498, as amended.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide managing general agent surety bonds nationwide.
Our agency also provides license and permit surety bonds in all 50 states.
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