How much does an insurance broker bond cost in North Carolina?
The North Carolina Department of Insurance requires insurance brokers to post a surety bond in the amount of $15,000 before commencing business operations.
SuretyBonds.com issues these bonds for just $100. Simply click Buy Now to visit our secure bond checkout where you can purchase your bond directly from our site. In just a few minutes you can be on your way to getting bonded as an insurance broker in North Carolina.
|Bond Type||Bond Amount||Cost|
|$15,000 Insurance Broker Bond||$15,000||$100|
Why do I need this bond?
By purchasing an insurance broker bond in North Carolina, the principal (broker) pledges that his or her duties will be completed in compliance with the terms stated in the North Carolina General Statutes 58-33-25 and 58-33-30. Specifically, this bond ensures that the broker will fulfill all contracts entered into with clients and handle all monies and insurance policies ethically and lawfully.
What’s the fine print?
North Carolina insurance broker bonds remain in effect during the term of the license. If the surety chooses to terminate the bond, 30 days’ notice prior to cancellation must be given to the state. The notice must be submitted in writing and filed with the Commissioner and the licensee.
The applicant’s social security number and national producer number (NPN) must be on the surety bond form.
How to become an insurance broker in North Carolina
In addition to posting a surety bond, applicants in North Carolina must be licensed to legally do business as an insurance broker. The following must be completed prior to becoming a licensed insurance broker:
- Submit license application
- Complete special education, training, or experience of sufficient duration
- Furnish evidence of satisfactory completion of minimum 20 hours of instruction per license type
- Take designated examination required by commissioner
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