Wisconsin Employee Benefit Plan Administrator Bond Guide
If you’re applying for an employee benefit plan administrator license in Wisconsin, you’ll likely need this surety bond.
Bond Overview
- Purpose: To protect insurance plan beneficiaries from potential fraud or theft
- Who Needs It: Outsourced administrative service providers for company insurance plans
- Regulating Body: The Wisconsin Office of the Commissioner of Insurance Agent Licensing
- Required Coverage: $1,000–$100,000
- Premium Rate: 1–10% based on credit score
Learn all about the bond requirements and process in this guide.
What Is a Wisconsin Employee Benefit Plan Administrator Bond?
A Wisconsin employee benefit plan administrator (TPA) bond ensures insurance administrators comply with laws and industry regulations. It protects organizations from financial harm if a TPA commits theft, fraud or acts unethically.
The Wisconsin Office of the Commissioner of Insurance Agent Licensing requires this bond as part of the licensing process for employee benefit plan administrators in the state.
How Much Do Employee Benefit Plan Administrator Bonds Cost in Wisconsin?
Wisconsin employee benefit plan administrator bonds cost a small percentage of the bond amount, typically 1–10% based on credit score.
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 an Employee Benefit Plan Administrator Bond?
The Wisconsin Office of the Commissioner of Insurance Agent Licensing requires this bond for any person who collects insurance premiums or charges or adjusts and settles claims for an employee health benefit plan.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Wisconsin employee benefit plan administrator 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 email you the bond shortly after purchase. Be sure to file the bond with the Commissioner of Insurance Agent Licensing’s Office as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Wisconsin Employee Benefit Plan Administrator Bond Work?
As with all surety bonds, an employee benefit plan administrator bond creates a legal contract between three parties:
- Principal: You, the employee benefit plan administrator filing the bond
- Obligee: The Wisconsin Office of the Commissioner of Insurance Agent Licensing requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding all provisions of Wisconsin Statutes Chapter 633.
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 employee benefit plan administrator bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
