Minnesota
Third Party Administrator Bond

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Coverage Amount: $1,000 - $100,000
Term Length: 1 year
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Minnesota Third Party Administrator Bond Guide

In Minnesota, third party insurance plan administrators need a surety bond to be licensed. Scroll to learn more about the bonding process. 

Bond Overview

  • Purpose: To ensure third party administrators operate legally
  • Who Needs It: Third party administrators (TPAs) in Minnesota
  • Regulating Body: The Minnesota Department of Commerce
  • Required Coverage: $1,000–$100,000
  • Premium Rate: Credit-based, 0.5-10% of the bond amount

What Is a Minnesota Third Party Administrator Bond?

The Minnesota Department of Commerce requires a TPA bond for licensing. This bond is a financial guarantee that protects clients from losses, theft, dishonesty, forgery and alterations.

What Bond Amount Do I Need?

Your Minnesota TPA bond coverage requirement will vary based on if you commingle funds in your fiduciary account or claims-paying account.

Administrator Not Commingling FundsAdministrator Commingling Funds
Average daily balance of all trust accounts, or $100,000, whichever is greaterAverage daily balance of all trust accounts, or $250,000, whichever is greater

How Much Do TPA Bonds Cost in Minnesota?

Minnesota TPA bonds typically cost 0.5–10% of the required bond amount based on credit score. For example, qualified applicants often pay just $500–$1,000 for $100,000 bond coverage

If you need a bond amount greater than $100,000, call 1 (800) 308-4358 for assistance with your quote.

Bond Type
$1,000-$100,000Third Party Administrator Bond

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.

How Does a Minnesota Third Party Administrator Bond Work?

A third party administrator bond creates a legal agreement between three parties:

  1. Principal: You, the third party administrator
  2. Obligee: The Minnesota Department of Commerce
  3. Surety: The surety company underwriting the bond

As the principal, you promise to uphold Minnesota Statutes §60A.23, Subd. 8 and Minnesota Rules Chapter 2767

If you break any of the bond agreements, harmed parties can file a claim up to the full bond amount.

Who Needs a Third Party Administrator Bond?

Anyone applying for a TPA license in Minnesota must file a surety bond. This includes any business that offers administration services for another company’s insurance plan such as:

  • Processing claims 
  • Collecting premiums
  • Managing benefits plans

How Do I Get a TPA Bond in Minnesota?

SuretyBonds.com provides the fastest and easiest way to get a third party administrator bond. Follow these quick steps to get your bond:

  1. Apply for a free quote
  2. Pay your invoice
  3. Select a shipping option

Once you have received your bond, file it with your license application.

How Fast Can I Get My Bond?

We process most applications same-day. Physical bond arrival will depend on the shipping option you select. If you’re in a rush, we offer overnight shipping.

Can I Get Bonded With Bad Credit?

Yes, you can likely still get bonded as a Minnesota third party administrator — even with bad credit. However, your personal credit score may impact your quote.

How Do I Renew My Third Party Administrator Bond?

This bond has a one-year term, but it remains continuous until cancelled as long as you renew. 

When you work with SuretyBonds.com, we’ll send you renewal reminders in advance — just pay the invoice. 


Note: The surety can cancel the bond by providing 30-day’s written notice to you and the Minnesota Department of Commerce.

How to Get a Third Party Administrator License in Minnesota

To get a TPA license, just follow these easy steps:

  1. Apply in person or online
  2. Pay the $1500 license fee
  3. Submit financial statements
  4. Attach workers compensation insurance

Once you have filled out your application, mail it to the address below:

Tuan Tran

85 7th Place East

Suite 280

St. Paul, MN, 55101-2198

Call 1 (800) 308-4358 to talk with a Surety Expert