What’s the New Surety Bond Requirement?
In Maryland, a new bill titled SB 22 requires third party administrators (TPA) for life insurance plans to meet the existing requirements for TPAs for all insurance benefit plans.
A license bond in an amount equal to 10% of the average amount of money that the TPA handles at any one time in connection with all plans that the TPA administers is required. The minimum bond amount is $5,000 and the maximum amount is $500,000.
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If you’re ready to get a free surety bond quote to meet this new surety bond requirement, you can simply apply online.
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