Insurance Producer's Bond - Illinois

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.

Bond Type	Bond Amount	Cost*
Insurance Producer Bond	$5,000 or less	$50	Apply Now
Insurance Producer Bond	More than $5,000	Subject to Underwriting	Apply Now

*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

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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Buy Your Insurance Producer’s Bond Now!

Important Links

Illinois Insurance Producer/Business Entity Bond Form

Illinois Department of Insurance: Producer Information

Illinois Department of Insurance: Pre-Licensing and Continuing Education

Illinois Department of Insurance: How to Become a Resident Producer