Wyoming Third Party Administrator Bond Guide
If you’re applying for a third party administrator license in Wyoming, 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 Wyoming Department of Insurance
- Required Coverage: $1,000–$100,000 based on volume of funds handled
- Premium Rate: $10/$1,000 for up to $50,0000 coverage or underwritten starting at 0.5% for larger bonds
Learn all about the bond requirements and process in this guide.
What Is a Wyoming Third Party Administrator Bond?
A Wyoming third party 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 Wyoming Department of Insurance requires this bond as part of the licensing process for third party administrators in the state.
How Much Bond Coverage Do I Need?
Your Wyoming TPA bond amount must equal 10% of the actual or expected premium written or handled, with a $100,000 minimum and a $1,000,000 maximum.
How Much Do Third Party Administrator Bonds Cost in Wyoming?
A Wyoming third party administrator bond costs a flat rate of $10 per $1,000 for up to $50,0000 coverage, with a $100 minimum.
If you need bond coverage over $50,000, premium rates start at 0.5–1%, but prices vary based on credit score. For example, with excellent financials you could pay as low as $250.
Click below to buy your bond or apply for a quote in minutes!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Third Party Administrator Bond?
The Wyoming Department of Insurance requires this bond for any company that underwrites, collects charges, or adjusts or settles life, annuity, stop-loss, or health insurance claims for Wyoming residents.
Some companies are exempt, see the DOI site for details.
How Do I Get My Bond?
With SuretyBonds.com, you can buy your Wyoming third party administrator bond for up to $50,000 instantly online. Just enter your information and checkout in minutes.
If you need a larger bond amount, just follow these quick steps to get bonded:
- 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 electronically through Sircon along with your license application.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Wyoming Third Party Administrator Bond Work?
As with all surety bonds, a third party administrator bond creates a legal contract between three parties:
- Principal: You, the third party administrator filing the bond
- Obligee: The Wyoming Department of Insurance requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding Wyoming State Statutes Title 26, Chapter 53.
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 third party administrator bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
