How much does an insurance producer’s bond cost in Illinois?
Illinois insurance producer bond amounts must be for $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 can issue the introductory $2,500 Illinois insurance producer bond for just $50 without a credit check! If your bond amount is higher than $5,000, it might require underwriting consideration that could include a review of your credit report.
Get your bond today by calling SuretyBonds.com at 1 (800) 308-4358, or contact a surety specialist online for help with your bond.
If you’re ready to get bonded, call us at 1 (800) 308-4358, or contact us now to get started.
Why do I need this bond?
This bond ensures that insurance producers comply with section 500-30 of the Illinois Insurance Code. By posting this bond, 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.
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or contact us now for your free quote .
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
As of August 1, 2012, the state requires that individuals apply for their insurance producer licenses online.
To become a licensed insurance producer, applicants must:
- complete the pre-licensing requirements of 20 hours per line of authority (7.5 of which must be completed in a classroom setting)
- take the insurance exam
- apply to www.NIPR.com 5 days after exam completion
Detailed licensing information can be found in the “Important Links” section below.
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