Maryland Third Party Administrator Bond |
AmeriPro Surety Bonds | 844-589-9732
Third Party Administrators – Maryland
Third party administrator businesses operating in Maryland are regulated by the state’s Insurance Administration division.
Both the initial and renewal application may be filed via NIPR, the National Insurance Producer Registry.
The third party administrator surety bond requirement is not a fixed and determined amount; it is a formula that you will you use to determine the amount you require.
Our agency offers the Maryland third party administrator bond as an “instant issue bond” (meaning, complete the application, pay the fee and the bond is issued to you immediately), with no credit check for 1% of the amount, minimum $100, (and which may be prepaid for up to 3 years), for bonds up to $50,000.00.
Determining the Amount Required
The range for third party administrator bond in Maryland is a minimum $5000 surety bond and a maximum $500,000 bond.
Determining the amount of surety bond your company requires is accomplished as follows:
As found on the Maryland state insurance website, the amount of bond is based upon:
- the average amount that your administrator or prior predecessor handled in the prior year;
- AND expects to administer this year;
- AND in an amount which is at least 10% of the amount that your company expects to handle at any period of time that your TPA business expects to administer in the current year.
For specific questions as to amount that you require, we encourage you to contact the Administration at: 888-204-6198 or by email at email@example.com.
For the Maryland TPA Bond with Amounts over $50,000
For third party administrator bond amounts over $50,000, our agency offer this bond via the completion of a standard surety bond and application process.
The price of the bond will be determined by the information provided on the application and the company or individual credit score.
In some cases, for established companies which meet certain requirements and have been in business at the same location for 3 years, and which have no bond cancellations or claims, we may be able to streamline the underwriting process. Call for more details.
Our agency’s goal is to make the process as quick as possible for you, with the best pricing.
Purpose of the Bond
The purpose of your Maryland TPA surety bond is to serve as a financial guarantee which ensures your compliance with all laws and regulations governing third party administration in the state.
The bond protects others and the state of Maryland from acts of willful negligence and malfeasance on the part of a TPA entity, its employees, agents, or managers, which in turn causes some harm.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, fiduciary, and court surety bonds throughout the state.
We also provide bonds nationwide.
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