Virginia insurance premium finance companies are regulated by the Commonwealth’s Bureau of Insurance.
Statutorily, such companies are regulated under Chapter 47 of the Code of Virginia. The Bureau formally recommends that insurance premium finance companies familiarize themselves with these statutes.
The surety bond requirement of insurance premium finance companies is found under statute § 38.2-4708.
AmeriPro Surety Bonds offers this surety bond as both a new and renewal bond.
According to the Virginia Code, the amount of the Virginia insurance premium finance company bond is in “...the amount determined as reasonable by the Commission...”; however, for all practical purposes, the surety bond is a $50,000 amount.
After the completion of an application and payment of the surety bond premium, our agency will have this surety bond sent to you.
There is no credit check involved.
For one year, the price is $500, 1% of the bond’s amount. We also offer an option to prepay the insurance premium fiance surety bond for up to 3 years for $1300, offering a savings over an annual year over year renewal.
Otherwise, your surety bond will expire and need to be renewed one year from the date of issuance.
The purpose of the Virginia insurance premium finance company bond is a financial guarantee which ensures your compliance with all laws relating to premium financing in the Commonwealth.
The bond protects the public from acts of harm, malfeasance and misfeasance in the course of your professional duties.
Such protections afforded to the public also extend to wrongful acts by any employees, agents, and managers of your finance company.
As principal for the surety bond, your shoulder any responsibility paid against your bond; however, in no case will the amount (from the surety bond) exceed the bond’s $50,000 limit.
Licensing information for Virginia insurance premium finance companies is provided by the link.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, contractor, and fiduciary surety bonds throughout the Commonwealth. Our agency also provides surety bonds nationwide.
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