Oklahoma Surplus Lines Broker Bond Guide
If you’re applying for a surplus lines insurance broker license in Oklahoma, you’ll need this surety bond.
Bond Overview
- Purpose: To ensure brokers remit tax payments to the state and act ethically
- Who Needs It: All surplus lines insurance brokers in Oklahoma
- Regulating Body: The Oklahoma Insurance Department
- Required Coverage: $5,000–$40,000, based on gross premium collected
- Premium Rate: 1% of the coverage amount
Learn all about the bond requirements and process in this guide.
What Is an Oklahoma Surplus Lines Broker Bond?
Oklahoma surplus lines broker bonds protect the state and consumers from financial harm if a broker breaks state laws or regulations.
The Oklahoma Insurance Department requires this bond as part of the licensing process for all surplus lines brokers in the state.
How Much Do Surplus Lines Broker Bonds Cost in Oklahoma?
Oklahoma surplus lines broker bond costs 1% of the bond amount. For example, the $5,000 bond costs a flat rate of $50 and the $30,000 bond costs $300.
You can also save 25% by selecting a multi-year term. Click below to buy your bond in minutes!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Surplus Lines Broker Bond?
All brokers that work with surplus lines insurers must be licensed and bonded with the Oklahoma Insurance Department.
The surety bond ensures payment of surplus lines taxes and adherence to other licensing regulations.
How Do I Get My Bond?
With SuretyBonds.com, you can buy your Oklahoma surplus lines broker bond instantly online in just three steps.
- Select your bond amount.
- Enter your information.
- Checkout in minutes.
We’ll mail you the bond via your preferred shipping method. Be sure to file the bond with the Oklahoma Insurance Department as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does an Oklahoma Surplus Lines Broker Bond Work?
As with all surety bonds, a surplus or specialty lines insurance broker bond creates a legal contract between three parties:
- Principal: You, the surplus lines broker filing the bond
- Obligee: The Oklahoma Insurance Department requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding Section 1464C, Title 36 of Oklahoma Statutes.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your surplus lines broker bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
