Georgia Prepaid Legal Services Plan Sponsor Bond Guide
If you’re offering a legal services plan benefit to employees in Georgia, you’ll need this surety bond.
Bond Overview
- Purpose: To ensure sponsors properly account for all collected funds
- Who Needs It: All prepaid legal plan sponsors in Georgia
- Regulating Body: The Office of the Commissioner of Insurance
- Required Coverage: $25,000
- Premium Rate: $250–$2,500 based on credit score
Learn all about the bond requirements and process in this guide.
What Is a Georgia Prepaid Legal Services Plan Sponsor Bond?
A Georgia prepaid legal services plan sponsor bond holds sponsors responsible for upholding state regulations. The bond also protects clients from loss if a plan sponsor mishandles funds.
How Much Do Prepaid Legal Services Plan Sponsor Bonds Cost?
Georgia prepaid legal services plan sponsor bonds cost a small percentage of the bond amount, typically $250–$2,500.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Prepaid Legal Services Plan Sponsor Bond?
The Georgia Office of the Commissioner of Insurance requires this bond for all employers or professional groups that provide legal services plans to employees or members. Filing proof of bond coverage is a mandatory part of the state licensing process.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Georgia prepaid legal services plan sponsor bond.
Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll mail you the bond via your preferred shipping method. Be sure to file it with the Commissioner as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Georgia Prepaid Legal Services Bond Work?
As with all surety bonds, a prepaid legal services plan sponsor bond creates a legal contract between three parties:
- Principal: You, the legal plan sponsor filing the bond
- Obligee: The Office of the Commissioner of Insurance requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of O.C.G.A. §33-35-1 et seq. and Georgia Rules and Regulations §120-2-29.01.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your prepaid legal services plan sponsor bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.