1 (844) 589-9732

Texas Reinsurance Intermediary Bond

The TX Department of Insurance requires reinsurance brokers to obtain a Texas reinsurance intermediary bond for $100,000, or, $250,000.  AmeriPro Surety Bonds provides both bonds as needed: 844-589-9732.

 

Texas Reinsurance Intermediary Bond |

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Reinsurance

 

 

 

Reinsurance is the process whereby insurance companies share risk with other insurance companies by purchasing policies which would limit any one insurance company’s financial exposure in case of loss.

 

 

Qualifying and the Premium

 

 

Qualifying for either the $100,000 or $250,000 Texas reinsurance intermediary bond involves completion of an application — which we’ll begin with you when you call us — and a review by an underwriter. Before submission of an application, we’ll need you to complete the application and sign it.

The application review includes a credit inquiry.  To qualify through our agency good credit will be required and the approval is 1%, $1000 or $2500 of the bond amount required.

Once approval is granted and the premium is paid, our agency issues your surety bond to you.  Thereafter, your surety bond, along with a Power of Attorney (POA) form are mailed to you.  Upon receipt, you’ll sign your bond as Principal, filing it along with the POA to:

Texas Department of Insurance

PO Box 149104

Austin, TX 78714

***

Premium Prepayment Options

The premium associated with this bond is active for one year.  Our agency also offers you the option, at your discretion, to prepay your surety bond up to 3 years.  Prepayment of the premium saves you over annual renewals, besides lengthening the time between renewals.

The premium prepayment option and savings are as follows:

—$100,000 Surety Bond—

  • If prepaid for 2 years, the premium is $1800, a $200 savings;
  • If prepaid for 3 years, the premium is $2600, a $400 savings.

—$250,000 Surety Bond—

  • If prepaid for 2 years, the premium is $4500, a $500 savings;
  • If prepaid for 3 years, the premium is $6500, a $1000 savings.

 

 

 

Texas Reinsurance Brokers

 

 

 

Texas reinsurance brokers are governed by Chapter 4152 of the Texas Insurance Code.

Reinsurance brokers are overseen by the Texas Department of Insurance.

The Department of Insurance is also the obligee for the reinsurance bond.

That is, the Department requires a reinsurance broker or manager to post a bond in the appropriate amount; or, in lieu of a bond, errors and omissions insurance, as a prerequisite for licensing.

 

 

 

Texas Reinsurance Intermediary Bond: Amount

 

 

 

The Texas reinsurance intermediary bond is in one of two amounts:

  • An applicant who is a reinsurance broker will need to post a $100,000 surety bond;
  • An applicant who is a manager of reinsurance brokers will need to post a $250,000 Texas reinsurance intermediary bond.

 

 

Texas Reinsurance Intermediary Bond: Purpose

 

 

 

The Texas reinsurance intermediary bond protects is issued to the Department and protects others from wrongful, illegal, or fraudulent acts committed by a reinsurance broker in the course of their duties.

Of note is that this bond protects others from harmful acts committed by a reinsurance broker.

 

 

 

Becoming a Reinsurance Broker in Texas

 

 

 

Applicants interested in a Texas reinsurance broker license will need to do the following:

 

AmeriPro Surety Bonds

 

 

 

AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary surety bonds throughout Texas. We are also a provider of surety bonds nationwide.

Please call our agency today at:

 

844-589-9732

 

Or, you may fill out the form below and an agent will contact you

Apply Today!

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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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