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How much will my Oklahoma third party administrator bond cost?
Oklahoma third party administrator bonds are required by the Oklahoma Insurance Department and Commissioner. The bond amount is determined by the Commissioner and depends on the premiums collected or claims paid from the annual report of the previous year. Third party administrators in their first year must post a surety bond in the amount of $10,000.
These bonds are credit based bonds, which means the amount you will pay for your bond is subject to underwriting and depends on a review of your credit report. To get your free, personalized surety bond quote, call us at 1 (800) 308-4358, or contact us online.
Why do I need this bond?
These bonds require third party administrators to abide by all laws, rules and regulations found in the Oklahoma Statutes, Title 36 Chapter 1 Article 14B - Third-Party Administrator Act. Some of these laws include:
- Paying all insurers correct dues
- Having written agreements between all insurers and administrators
- Keeping all records in the office for at least 5 years
- Approving all advertising with insurer before mailing out
These laws and more are clearly written out in the Statutes which can be found in the “Additional Resources” section of the page.
Submit a bond request now to get the bond you need for business licensing.
What’s the fine print?
Oklahoma third party administrator bonds are continuous until canceled. If the bond is to be canceled, the surety must provide 30 days written notice to the Oklahoma Insurance Department and Commissioner.
How to become a third party administrator in Oklahoma
Getting bonded is just the first step to becoming a licensed administrator in Oklahoma. You must submit the following items with your license application:
- Required biographical affidavits
- Background reports
- Certificate of authority from Oklahoma State Secretary
- $100 application fee
Detailed licensing requirements can be found in the “Additional Resources” section below.