As a prerequisite of licensing, an Oklahoma surplus lines broker must provide the state’s Insurance Commissioner with evidence of filing the appropriate surety bond amount.
According to Oklahoma statute 365:25-3-12 (found on approximately pages 13 and 14 of this link) the amount of the surety bond required will be according to either the gross premium or gross fees, whichever amount is greater.
Obtaining your surety bond will be the easiest and quickest part of your licensing process. The minimum amount of surety bond required is $5000; the maximum amount is $40,000.
All applicants for the Oklahoma surplus lines broker bond, regardless of the amount required, are automatically approved.
This is because the bond does not require an underwriter review nor a credit inquiry. What this means for you is that once the application has been completed and the premium paid, the bond is issued to you immediately.
Subject to a minimum amount of $100, the bond’s premium is 1% of the amount of surety required. The surety bond amount required and the premium for that amount are determined as follows:
Once the application has been completed (we can take the application from you over the phone) and the premium paid, the bond is issued immediately. A copy of the bond can be sent to you by email; however, the original surety bond will be sent by the following business day.
It is the original bond which you will want file with the Oklahoma Insurance Department. You will also need to sign your bond as Principal.
The purpose of the surplus lines broker bond is to serve as a financial guarantee that a licensed broker will be in compliance with all rules, regulations, laws, and any future amendments in this niche insurance profession.
AmeriPro Surety Bonds is a surety bonds only agency. We provide license and permit surety bonds throughout Oklahoma.
Our agency also provides surety bonds nationwide.
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