Get the free Bond of Nonresident Surplus Line Broker

This document is a bond required for nonresident surplus line brokers in California, ensuring compliance with the state's Insurance Code and establishing a liability amount of $50,000.

How to fill out bond of nonresident surplus

How to fill out Bond of Nonresident Surplus Line Broker

1. Obtain the Bond of Nonresident Surplus Line Broker form from the appropriate regulatory agency or website.
2. Fill in the name and address of the broker in the designated fields.
3. Provide the license number of the surplus line broker, if applicable.
4. Identify the surety company that will underwrite the bond.
5. Specify the amount of the bond required, as mandated by state regulations.
6. Include the effective date of the bond and its duration.
7. Sign the bond form in the presence of a notary public, if required by state law.
8. Submit the completed bond form along with any required documentation and fees to the relevant authority.

Who needs Bond of Nonresident Surplus Line Broker?

1. Nonresident surplus line brokers who operate in jurisdictions requiring a bond as a condition of licensure.
2. Individuals or companies engaged in surplus lines insurance transactions without being an admitted insurer in that state.

People Also Ask about

What is a surplus broker?

A Surplus Lines Insurance Broker is an individual who solicits, negotiates or procures a policy of insurance in an insurance company not licensed to transact business in this state which cannot be procured from insurers licensed to do business in this state.

How much is a surplus line license in California?

License filing: - two year term: $1,296, the fee for a surplus line broker business entity license.

What is the minimum surety bond that surplus lines brokers must post?

Bond Overview Purpose: To protect the state and consumers from fraudulent activity by an insurance broker. Who Needs It: Surplus lines insurance brokers in most states. Required Amount: $10,000–$50,000, varies by state. Regulating Body: The state bureau, office or department of insurance.

What is the maximum amount of surplus lines a broker can charge for obtaining surplus lines coverage?

Effective October 1, 2022, a qualified surplus lines broker to charge a reasonable policy fee on a policy issued by a surplus lines insurer to an exempt commercial policyholder; a reasonable policy fee not exceeding $200 on each personal lines policy issued by a surplus lines insurers, and a reasonable policy fee not

For pdfFiller’s FAQs

What is Bond of Nonresident Surplus Line Broker?

The Bond of Nonresident Surplus Line Broker is a surety bond that ensures compliance with state insurance regulations by nonresident brokers who place insurance with surplus line insurers.

Who is required to file Bond of Nonresident Surplus Line Broker?

Nonresident surplus line brokers who wish to operate in a particular state are required to file this bond as part of their licensing process.

How to fill out Bond of Nonresident Surplus Line Broker?

To fill out the Bond of Nonresident Surplus Line Broker, provide necessary information such as the broker's name, the state of operation, the bond amount, and signatures from the broker and the surety company.

What is the purpose of Bond of Nonresident Surplus Line Broker?

The purpose of the Bond of Nonresident Surplus Line Broker is to protect consumers and ensure that brokers comply with state laws, providing financial assurance in case of misconduct or failure to meet obligations.

What information must be reported on Bond of Nonresident Surplus Line Broker?

The information that must be reported includes the bond amount, the names and addresses of the broker and surety company, the effective date of the bond, and any relevant state licensing information.