1 (844) 589-9732

Oklahoma Third Party Administrator Bond

Our agency offers you the Oklahoma third party administrator bond. The amounts are between $10,000 to $40,000, there is no credit inquiry, and you will pay just 1%, annually. Please call AmeriPro Surety Bonds today at 844-589-9732.

Oklahoma Third Party Administrator Bond |

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Third Party Administrators – Oklahoma

 

 

 

The Oklahoma Department of Insurance (OID) is the regulatory body which licenses and regulated third party administrator business in the state.

A condition of licensing is that according to Chapter 36 O.S. §1448, found around approximately page 14, you obtain a surety bond that will be based upon premium collected or claims paid, whichever amount is greater, in the previous calendar year. The minimum amount is $10,000.

Meeting the surety bond requirement with our agency will be the quickest part of your licensing process. We anticipate that from start to finish the process will typically take about 8-10 minutes.

 

 

 

Qualifying and the Premium

 

 

 

All applicants are automatically and immediately approved for the Oklahoma third party administrator bond. This is because after an application and payment of the premium, the bond is issued to you immediately.

What this means in the practical order for you is that our agency offers this bond without the delay which comes with a credit inquiry and an underwriter review found in many surety bond. The amount of surety required is 1% of the bond’s amount. The third party administrator bond is an “instant issue” bond.

The amount of surety you are required to purchase is currently as follows, based on the greater amount of premiums or claims:

  • For premiums or claims of $49,999 or less, $10,000 surety bond – $100, premium;
  • For premiums or claims of $50,000-$74,999, $15,000 surety bond – $150 premium;
  • Between $75,000 to $99,999, $20,000 surety bond – $200 premium;
  • Between $100,000 to $249,999, $25,000 surety bond – $250 premium;
  • $250,000 to $499,999, $30,000 surety bond – $300 premium;
  • $500,000 to $999,999, $35,000 surety bond – $350 premium;
  • $1,000,000 and above, $40,000 surety bond – $400 premium.

The TPA surety bond therefore is a minimum of $10,000 and a maximum $40,000 surety bond.

Once issue the bond a copy of your TPA administrator bond can be sent by email. The original surety bond, which you will also sign as Principal, will be mailed to you by the following business day.

It is the original surety bond that you will want to file with the OID.

 

 

 

Premium Prepayment Options

 

 

 

Our agency also offers you the ability to prepay the premium for up to 2 or 3 years. Typically, we would recommend a premium prepayment for the larger amounts. Prepayment of the premium does two things: One, it increases the length between bond renewals (your bond is issued with a standard one year term); two, it offers you a savings over year to year renewal of the premium.

We will be happy to discuss this in further detail when you call.

 

 

 

Purpose of your Bond

 

 

 

The purpose of the OK TPA administrator bond is a financial guarantee that you will act in a proper professional and fiduciary capacity as a third party administrator.  While required of you, the bond is for the benefit of any client or customer who suffers harm as the result of negligence, fraud, or malfeasance in the administration of funds received.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Oklahoma.

Our agency also provides surety bonds nationwide.

Please call us 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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