South Carolina Discount Medical Plan Organizations Bond
AmeriPro Surety Bonds | 844-589-9732
Discount Medical Plan Organizations
The South Carolina Department of Consumer Affairs is the state governmental body charged with the licensing and regulation of businesses which are discount medical plans organizations (DMPO).
DMPO covers a wide array of services, including but not limited to:
- hospital surgical services;
- ambulance services;
- substance abuse services;
- pharmaceutical supplies
- and many more.
A requirement to be licensed as a DMPO is that you furnish evidence of a $50,000 surety bond.
Qualifying for the Surety Bond and The Premium Amount
Our agency offers the South Carolina discount medical plan organizations bond as an “instant issue” surety bond. What this means and how you benefit is simply that after completion of a surety application (which can be taken over the phone with an agent), and payment of the $500 premium, this bond is issued to you immediately.
Unlike many other surety bonds, the DMPO surety bond does not have a credit inquiry nor review by an underwriter as a condition of issuance.
Once the bond is issued, it can be emailed to you at no additional charge. The original surety bond – which you will need to sign as Principal and have notarized — will be mailed by the following business day.
You will need to file both the surety bond and the Power of Attorney which we will send to you.
Additional Premium Payment Options
Once issued, your surety bond is active for one year. Thereafter, the bond must be renewed and on file with the Department as a condition of licensing.
You also have the option to prepay the South Carolina DMPO surety bond for a period of 2 or 3 years. Doing so offers you a savings over year to year renewal of the bond’s premium.
The premium prepayment options are as follows:
- If prepaid for 2 years, the premium is $900, a $100 savings;
- If prepaid for 3 years, the premium is $1300, a $200 savings.
Purpose of Your Surety Bond
In short, this surety bond serves as a financial guarantee that you will be in compliance with all statutes governing the administration of discount medical plans in South Carolina.
The surety bond protects others — consumers — and the Department — from any resultant harm which may occur due to negligence in following laws and established rules. Chapter 17, the Discount Medical Plan Organizations Act is the body of laws with which you should be familiar.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout South Carolina.
Our agency also provides surety bonds nationwide.
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