Oklahoma Viatical Settlement Broker Bond Guide
If you’re applying for a viatical settlement broker license in Oklahoma, you’ll likely need this surety bond.
Bond Overview
- Purpose: To ensure viatical settlement brokers operate ethically and lawfully
- Who Needs It: Viatical settlement brokers in Oklahoma
- Regulating Body: The Oklahoma Insurance Department
- Required Coverage: $50,000
- Premium Rate: $500–$5,000, credit based
Learn all about the bond requirements and process in this guide.
What Is an Oklahoma Viatical Settlement Broker Bond?
An Oklahoma viatical settlement broker bond ensures that brokers operate ethically and follow state regulations.
Brokers are hired to negotiate viatical settlement contracts between sellers and settlement providers. The bond ensures financial responsibility and protects clients from harm.
How Much Do Viatical Settlement Broker Bonds Cost?
Oklahoma viatical settlement broker bonds cost a small percentage of the bond amount, typically $500–$5,000.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Viatical Settlement Broker Bond?
The Oklahoma Insurance Department requires a $50,000 surety bond as part of the licensing process for viatical settlement brokers in the state.
Alternatively, brokers can submit an errors and omissions insurance policy or a $50,000 cash (or cash equivalent) deposit. However, the surety bond is the most cost efficient form of financial security.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get an Oklahoma viatical settlement broker bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll mail you the bond via your preferred shipping method. Be sure to file the bond with the 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 Viatical Settlement Broker Bond Work?
As with all surety bonds, a viatical settlement broker bond creates a legal contract between three parties:
- Principal: You, the viatical settlement 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 the provisions of 36 OK Stat § 4055.11.
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 viatical settlement broker bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
