How much does an Illinois insurance producer bond cost?
Illinois insurance producer bonds are required by the Illinois Department of Insurance in an amount of $2,500 or 5% of the total premiums brokered in the past year, whichever is greater. The required bond amount is not to exceed $50,000.
SuretyBonds.com instantly issues the $2,500 bond for just $30 with no underwriting required. Simply click Buy Now to visit our secure bond checkout where you can buy your bond directly from our site. In just a few minutes you can be on your way to being bonded as an Illinois insurance producer.
|Bond Type||Bond Amount||Cost|
|$2,500 Insurance Producer Bond||$2,500||$30|
|$2,501+ Insurance Producer Bond||$2,501+||Price Varies||GET A QUOTE|
Why do I need this bond?
This bond ensures that insurance producers comply with section 500-30 of the Illinois Insurance Code. The Department requires the bond so that consumers are protected if an insurance producer should provide misleading information or commit fraud.
This bond also requires producers to pay all dues to any person or company entitled to funds from insurance transactions.
What’s the fine print?
The insurance producer’s Federal Employer Identification Number (FEIN/IRS Tax ID) or social security number (SSN) must be listed on the bond form. This bond is continuous until canceled. If the bond is to be canceled, the surety company must provide the obligee with at least 30 days’ notice. The state requires that the original physical bond remain at the physical place of business.
How to become an insurance producer in Illinois
To become a licensed insurance producer, applicants must adhere to the following requirements:
- Complete pre-licensing requirements of 20 hours per line of authority
- Take and pass insurance exam
- Apply online via National Insurance Producer Registry within five days of exam completion