Maine Third Party Administrator Bond
AmeriPro Surety Bonds | 844-589-9732
Maine — The way life should be…
Maine third party administrators are licensed and regulated by the state’s insurance department, Professional & Financial Regulation.
A condition of licensing is that a surety bond is furnished as evidence of financial responsibility. Determining the amount of surety required is by the following:
- A minimum $50,000 surety bond;
- Or, a calculation of: Premiums collected/received + claims paid; the total of sum of which is multiplied by .05 or 5% = the amount of surety bond required;
- However, regardless of calculations the surety bond will not have an amount greater than $1,000,000 (Chapter 18, Insurance Administrators, §1904).
Qualifying and the Premium
For businesses which require a $50,000 Maine third party administrator bond, our agency offers this surety bond to you immediately after an application — which we’ll take from you over the phone — and payment of the premium, 1%, or $500.
Any surety bond requirement greater than $50,000 will require the following:
- A short application. We will begin the application with you over the phone, but you will need to have it signed and witnessed;
- An underwriter review. This review by our underwriter includes a business or personal credit check.
To be approved by our agency, good credit is required, and the premium rate is 1% of the bond’s amount.
Once approval for your bond is received, our agency issues the bond to you immediately. You will receive your bond, which you will sign as Principal. Included also is a Power of Attorney (POA) form.
Both original items are filed by you to:
Maine Bureau of Insurance
34 State House Station, Gardiner Annex
Augusta, ME 04333
TPA Surety Bond Term
Your Maine third party administrator bond is issued to you for one year. Thereafter, your bond will renew on the anniversary of its issuance.
It is likely that you will require a new surety bond amount and our agency will facilitate obtaining the amount required as quickly as possible.
Purpose of Your Bond Requirement
Your TPA administrator bond is a financial guarantee of your compliance with Maine Revised Statutes Annotated, § 1901–1912, as amended.
AmeriPro Surety Bonds is a surety bonds only agency. We provide third party administrator bonds nationwide.
Our agency is also a provider of license and permit surety bonds in all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will call you…