Maine Managing General Agent License | $100,000 Managing General Agent License Surety Bond
Also known as: general agent license bond
Type of Bond
A managing general agent (MGA) license bond is a type of surety bond required for individuals or businesses that operate as managing general agents in the insurance industry. An MGA acts as an intermediary between insurance carriers and insurance agents, facilitating the underwriting and administration of insurance policies on behalf of the carriers. The purpose of the bond is to provide financial protection to the insured public and insurance carriers in case the MGA engages in fraudulent or unethical practices, fails to fulfill its contractual obligations, or violates any laws or regulations pertaining to the insurance industry. The bond guarantees that the MGA will operate in compliance with applicable laws, regulations, and industry standards, and that it will handle policyholder premiums and claims funds responsibly. If the bonded MGA violates any laws or regulations, engages in dishonest practices, misappropriates funds, or fails to fulfill its obligations, the bond can be used to compensate affected parties for financial losses or damages. This may include reimbursing policyholders for any financial harm caused by the MGA's actions or providing restitution to insurance carriers for any financial losses they may suffer as a result of the MGA's non-compliance or misconduct. The bond amount required for an MGA license bond varies depending on the specific licensing requirements and the regulations of the jurisdiction where the MGA operates. The regulatory authority sets the bond amount, which is typically based on factors such as the MGA's volume of business, the types of insurance products handled, or the MGA's financial strength. To obtain an MGA license bond, managing general agents typically need to work with a surety bond provider. The bond premium, which is the cost of the bond, is calculated based on factors such as the bond amount, the applicant's creditworthiness, and any additional underwriting considerations. The bond must remain in effect as long as the MGA maintains its license and operates within the jurisdiction. By requiring an MGA license bond, regulatory authorities aim to protect the interests of policyholders, ensure fair and ethical practices in the insurance industry, and maintain the financial integrity of insurance operations carried out by MGAs.
Program
The price you'll pay for your $100,000 Managing General Agent License Bond is generally based on your personal credit score. Start a free online quote by just completing a simple app or by calling 888-518-8011. Our experts will walk you through a very simple process. Compare our quote as the very lowest price, and then you're good to go! It's that simple!
We provide all types of $100,000 Managing General Agent License Bonds. Worldwide Insurance Specialists, Inc. has "in house" underwriting authority with the largest and best Surety (Insurance) companies in the world including, Great American, Liberty Mutual, Philadelphia, Travelers, and CNA Surety. All of these surety bond companies are A-rated under the AM Best credit rating system, and T-listed with the U.S. Department of Treasury. This guarantees that by getting bonded through us, you will be provided the backing of these highly trustworthy and reliable companies.
Application
The application process for a $100,000 Managing General Agent License Bonds is easy! Many Bonds are INSTANT ISSUE! Easy Application, no underwriting, no credit check, no GIA required. Our NEW Desktop underwriting program provides you with a rapid approval process used to determine the degree of risk that you (the Principle) complete a project or obligation. Non-INSTANT ISSUE quotes can also get instantly approved. Submissions require very little information from you. Once you file and sign an indemnity agreement, we issue the Bond. It's that simple! We quote and issue Surety Bonds of every type and will help you through the entire process. These applications only require basic information about your business, bond type, and ownership structure. Once the application is complete, we submit to the insurance company (Surety) who will then issue your bond. Don't pay too much! Get your Bond Fast, and Easy with the best price! Click here to start the Managing General Agent License Bond Application process.
The Maine Managing General Agent License Bond amount is currently set at $100,000.
Obligee Information
An obligee is the entity that is requiring you to have the Managing General Agent License bond.
Obligee: State Of Maine
If you or your business needs help in obtaining a surety bond or commercial insurance give us a call!