What’s the New Surety Bond Requirement?
The new South Carolina bill, titled HB 4657, revises the bond amount required for insurance benefit plan administrators. The new law provides that the bond must be for $75,000 for new license applicants.
Administrators renewing their license now must post a bond in an amount equal to 10% of the total premiums handled or managed in South Carolina for the previous calendar year. The minimum bond amount will be $75,000 and the maximum bond amount is $500,000. Under prior law, all licensees had to post a $75,000 bond. The new law also allows the bond to be cancelled with 30 days’ written notice.
Why Choose JW Surety Bonds?
We are the nation’s largest volume bond producer, and provide the lowest rates in the industry. It’s also crucial that you understand that you’re responsible to pay any claims filed on your bond. When you partner with our company, you will have a dedicated claim specialist assigned to your account to ensure claim payouts are either reduced or avoided all together.
Get a Free Quote Instantly Online
If you’re ready to get a surety bond for this newly increased bond requirement, you can simply apply online.