New Hampshire Third Party Administrator Bond
AmeriPro Surety Bonds | 844-589-9732
New Hampshire Third Party Administrator License – Surety Bond
New Hampshire third party administrators are regulated by the state’s Insurance Department. A condition of licensing is that TPA’s furnish evidence of a surety bond according to the following statutory formula:
- The greater of $100,000 surety bond;
- Or, 10% of the administrator’s average daily balance held in the prior calendar year. The NH TPA surety bond has a maximum amount of $1,000,000.
Qualifying and the Premium
Regardless of the amount, qualifying for the New Hampshire third party administrator bond involves:
- Completion of an application. We can begin the application with you over the phone; however, you will need to complete the application, sign it and have your signature witnessed. It does not need to be notarized;
- Depending on the amount required, you may be asked to provide a financial statement. We will let you know;
- An underwriter review. An underwriter review involves carefully examining your application. There is also a personal or business credit check. Good credit is required to be approved.
Depending on when the application is received, it will typically take a few hours to complete underwriting.
Upon approval from our underwriter, the premium will be 1% of the surety bond amount.
Once your bond is approved and the premium is paid, our agency issues the bond to you immediately and has it mailed to you for your signature as Principal and then for filing. Your surety bond will also include a Power of Attorney (POA) form that you’ll also need to file with the Insurance Department.
Their address is:
State of New Hampshire Insurance Department
21 S. Fruit Street
Concord, NH 03301
Surety Bond Duration
Your surety bond is active for a one year period and renews annually. Presumably you may require a different surety bond amount upon renewal based on the criteria mentioned above (i.e. the average daily balance from the prior calendar year).
Purpose of Your Surety Bond Requirement
The bond is a financial guarantee of your compliance with all rules and regulations involved in the profession of a TPA in New Hampshire. Relevant statutes include New Hampshire Revised Statutes Annotated RSA 402-H and Regulation 2300 of the state’s Insurance Code.
AmeriPro Surety Bonds provides third party administrator surety bonds nationwide.
We are 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 an agent will contact you…