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This document serves as a bond for the licensing of a Surplus Lines Broker, ensuring compliance with Arizona insurance regulations.
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How to fill out bond of surplus lines
How to fill out BOND OF SURPLUS LINES BROKER
01
Obtain the BOND OF SURPLUS LINES BROKER form from the appropriate regulatory body or agency.
02
Fill in the name of the surplus lines broker and their business address.
03
Input the principal amount of the bond, which should be in accordance with state requirements.
04
Provide the legal name and address of the surety company issuing the bond.
05
Ensure that all information is accurate and reflects the conditions of the bond.
06
Sign the bond in the designated area, typically requiring an authorized signature from the broker.
07
Submit the completed bond to the relevant state department or regulatory agency.
08
Keep a copy of the completed bond for your records.
Who needs BOND OF SURPLUS LINES BROKER?
01
Surplus lines brokers who operate in the insurance market and provide coverage that is not available from licensed insurers.
02
Businesses that facilitate dealings in surplus lines insurance to comply with state regulations.
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People Also Ask about
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 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 do surplus lines work?
The risk may be too big, too unusual or substandard. In these cases, a specially licensed producer called a surplus line producer gets involved. Their special surplus line license allows them to procure a policy for you from an insurer that is not licensed in your state. This is called a surplus line insurance policy.
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
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What is BOND OF SURPLUS LINES BROKER?
BOND OF SURPLUS LINES BROKER is a financial guarantee that a surplus lines broker must obtain to ensure compliance with state regulations and to protect consumers in case of broker misconduct.
Who is required to file BOND OF SURPLUS LINES BROKER?
Surplus lines brokers, who are licensed to place insurance with non-admitted insurers, are required to file BOND OF SURPLUS LINES BROKER in the states where they operate.
How to fill out BOND OF SURPLUS LINES BROKER?
To fill out BOND OF SURPLUS LINES BROKER, brokers must provide their license number, the amount of the bond, the name of the surety company, and any additional information required by the state, then sign and date the document.
What is the purpose of BOND OF SURPLUS LINES BROKER?
The purpose of BOND OF SURPLUS LINES BROKER is to protect policyholders and the state from financial losses due to the failure of the broker to comply with regulations or pay necessary fees.
What information must be reported on BOND OF SURPLUS LINES BROKER?
The information reported on BOND OF SURPLUS LINES BROKER typically includes the broker's name, address, license number, bond amount, surety company details, and a statement of purpose or obligations under the bond.
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