Georgia Surplus Lines Brokers Surety Bonds
The Obligee:
Georgia requires Surplus Lines Brokers to apply for a resident insurance license and obtain a surety bond in order to provide services. The State of Georgia Office of Commissioner of Insurance is the obligee that requires the surety bond and oversees the insurance industry including agents, brokers, adjusters and counselors. Licensed surplus lines brokers are able to place insurance coverage with insurers that are not licensed to do business in a given state as long as the broker is licensed in the state where the insurance coverage will be written.
Surety Bond and License Requirements:
Applicants must pass the the examination prior to applying for a license. Those that have a certified designation from Georgia or another state may be exempt from having to meet this requirement.
A surplus lines broker will need to obtain and complete an application through the NIPR portal and provide any required attachments and pay the license and application fee. Applicants will also need to submit fingerprints and be able to pass a criminal background check.
Applicants will need to obtain the required $50,000 surety bond. The surety bond ensures that the agent will act in good faith towards their clients and adhere to all state laws and regulations.
The required attachments for the application include completing the Citizenship Affidavit (and have it notarized, if applicable), submitting an original clearance letter for any insurance licensure in any other state for the past five years, and a attaching copy of a current U-4/Web CRD status report showing NASD Series 6 0r 7 registration.
License applications, the original surety bond and attachments will need to be sent to Georgia's Office of Insurance and Safety Fire Commissioner.
How Much Will This Bond Cost?
The premium that you pay for a Georgia Surplus Lines Broker Surety Bond is dependent on credit. Rates start at $375 with good credit.
Related Links:
NIPR Georgia Surplus Lines Broker License PortalMore Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. 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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