Wyoming Third Party Administrator Bond
AmeriPro Surety Bonds | 844-589-9732
Licensing of Wyoming Third Party Administrators
The licensing of Wyoming third party administrators is handled through the state’s Department of Insurance.
As a TPA, you are required to furnish a surety bond according to the following formula:
- A minimum $1000 surety bond;
- OR 10% of the total funds to be handled by your TPA company, whichever amount is greater;
- with a MAXIMUM amount of $500,000 surety bond required;
- UNLESS a GREATER amount than $500,000 is required by the state’s Commissioner.
Qualifying and the Premium
Up to and including a $50,000 surety bond requirement, you are automatically approved for the Wyoming third party administrator bond.
This is because we offer the bond to you without a credit check; the premium is 1%, with a minimum $100 requirement.
For amounts up to $50,000, when you call us we’ll take the application from you over the phone. After payment of the premium, your surety bond and Power of Attorney (POA) form are issued to you immediately.
For amounts greater than $50,000, your surety bond application must be signed and witnessed (your application does not need to be notarized). The application is reviewed by an underwriter. This review includes a credit inquiry.
To be approved, good credit is required; and the rate is 1% of the amount required.
In both cases, upon receipt of your original surety bond in the mail, you will sign your bond as Principal, and file it along with your POA form to:
Wyoming Insurance Department
106 E. 6th Avenue
Cheyenne, WY 82001
Duration of Your WY TPA Bond
The Wyoming third party administrator bond is issued with a standard one year calendar term. The bond renews, and likely at a different bond amount based on the formula above, at the conclusion of one year.
Purpose Of Your Surety Bond Requirement
Your bond serves as a financial guarantee that you will observe all laws and handle all funds as a licensed TPA business in accordance with Wyoming state law.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide third party administrator surety bonds wherever required nationwide.
Our agency is also a provider of license and permit, court, and probate surety bonds in Wyoming and all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you…