Third party administrators in South Carolina are regulated by the state’s Department of Insurance.
The bond requirement of TPAs operating in South Carolina is alternately referred to as a South Carolina insurance administrator bond. Both terms can be used interchangeably and mean the same thing.
Our agency works to find you the fairest pricing for your surety bond.
The South Carolina third party administrator bond is a $75,000 surety bond required of those TPA companies operating in the state.
As an applicant for this surety bond, you will complete a standard surety bond application and undergo a business and/or professional credit check inquiry. Applicants who have been in business for at least 3 years, and who also meet other requirements, may qualify to bypass a credit inquiry.
The estimated premium for this third party administrator bond is typically between 1% to 1.5% annually.
The South Carolina third party administrator bond is issued for a term of one year. For those who qualify at 1% premium, we offer the ability to prepay this surety bond for 2 or 3 years. While it is entirely your decision, prepayment of the premium offers a decent savings over year to year renewal of the bond’s premium amount.
The premium prepayment options are as follows:
The South Carolina insurance administrator bond is a financial guarantee which does the following:
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout South Carolina.
Our agency also provides surety bonds nationwide.
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