Oklahoma Insurance Broker Bond Overview
- Purpose: To hold insurance brokers financially responsible
- Who Needs It: Insurance producers (brokers) working with Oklahoma residents
- Regulating Body: The Oklahoma Insurance Commissioner
- Bond Amount: $5,000
- Premium Price: $100 for a 1-year term
What Is an Oklahoma Insurance Broker Bond?
The Oklahoma Insurance Department requires a $5,000 surety bond for life or accident and health insurance brokers — also known as producers. An Oklahoma insurance broker bond is financial security for clients and the state if a broker/producer breaks license laws.
If you are applying for a surplus lines broker license, visit our Oklahoma surplus lines broker bond page.
How Much Do Insurance Broker Bonds Cost in Oklahoma?
Oklahoma insurance broker surety bonds cost $100 for a year of coverage. Or, you can select a multi-year term and save 25%. Buy your bond online now using our secure bond checkout.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does an Oklahoma Insurance Broker Bond Work?
As with all surety bonds, this bond creates a legal contract between three entities.
- Principal: The insurance broker filing the bond
- Obligee: The Oklahoma Insurance Commissioner
- Surety: The issuing surety provider
As the principal, you promise to follow all applicable provisions of Oklahoma Statutes and industry rules. You are liable for repaying any claims paid out by the surety to harmed clients or the state.
How Do I Get an Insurance Broker Bond in Oklahoma?
You can buy your bond online now. Just enter your information and checkout through our secure, online portal. We’ll email you the official bond form in minutes. Be sure to file it with the state as instructed.
Can I Get Bonded With Bad Credit?
Yes, there is no credit requirement for this bond. Everyone qualifies at the same flat rate.
How Do I Renew My Bond?
You’ll need to renew your bond annually. Instead of purchasing a new bond, you can simply pay the renewal invoice to extend your term for another year. We’ll send you reminders starting 90 days before the expiration date.
Oklahoma insurance broker’s bonds are continuous until canceled. If the surety chooses to cancel the bond, 30-days’ written notice must be given to the insurance broker and the Commissioner of Insurance.
