1 (844) 589-9732

Maryland Third Party Administrator Bond

With AmeriPro Surety Bonds, the Maryland third party administrator bond is a an “instant issue” bond, with no credit inquiry, for amounts up to $50,000. For amounts above that threshold, we offer streamlined processing, if you qualify. Please call our agency today at 844-589-9732.

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 producerlicensing.mia@maryland.gov.

 

 

 

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.

 

 

 

About Us

 

 

 

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.

Please call our agency today at:

 

 

 

844-589-9732

 

 

 

Or, you may fill out the form below and an agent will contact you…

 

 

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AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

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Office: 1 (844) 589-9732

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