The State of Alabama Department of Insurance is responsible for compliance, regulation and enforcement of statutes related to the business of insurance which also includes licensing of non-resident and Resident Surplus Lines Brokers. The Alabama Title 27-10-1 thru 3, Sections 27-10-20 thru 38, and Section 27-10-50 thru 56 of the Code of Alabama defines Surplus Line Insurance requirements for "any person, while licensed as a resident insurance producer in this state for the property lines of authority and who is deemed by the commissioner to have had sufficient experience in the insurance business to be competent for the purpose may be licensed as a surplus line broker for the types and kinds of insurance that he or she as a resident producer."
The following is needed to conduct surplus lines insurance business in Alabama:
The premium that you pay for an Alabama Surplus Lines Broker Surety Bond is dependent on credit. Rates start at $375 with good credit.
Alabama surplus lines broker licenses must be renewed annually by December 31 of each year.
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, call us first. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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