Pennsylvania Insurance Broker Bond (Nonresident)
Pennsylvania Insurance Broker Bond (Nonresident) Information
A Nonresident Insurance Broker Bond is required for those applying to the Insurance Commissioner of the Commonwealth of Pennsylvania for a license to act as a nonresident insurance broker. The corporate surety bond is mandated in accordance with the provisions of Section 212, of The Insurance Department Act of May 17, 1921, P.L. 789, as amended by Act of May 5, 1945, P.L. 430. The corporate surety bond ensures that the insurance broker complies with the terms and the laws and regulations of the Commonwealth of Pennsylvania governing insurance brokers. Additionally the insurance broker is obligated to indemnify any person harmed financially due to fraud or dishonesty on the part of the principal while acting under the terms of the license.