Oklahoma Surplus Lines Insurance Broker Bond
Oklahoma Surplus Lines Insurance Broker Bond Information
Oklahoma Surplus Lines Insurance Brokers must furnish a surety bond as a condition of application to the Insurance Commissioner of the State of Oklahoma for a license as a Surplus Lines Broker pursuant to the provisions of the Oklahoma Insurance Code, (Title 36, Oklahoma Statutes, Sections 101 et seq.). The surety bond ensures that the bonded surplus lines broker conducts business in accordance with licensing rules and regulations and the provisions of the Oklahoma Insurance Code.
The penal sum (or amount of the bond) required is based on previous years gross premium. A bond in the amount of $40,000 is required for Premiums of $1,000,000 or above, $35,000 for premiums of $500,000 to $999,999, $30,000 for premiums of $250,000 to $499,999, $25,000 for premiums of $100,000 to $249,999, $20,000 for premiums of $75,000 to $99,999, $15,000 for premiums of $50,000 to $74,999, $10,000 for premiums of $25,000 to $49,999, and $5,000 for premiums below 25,000.
How Much Does a Surplus Lines Insurance Broker Bond Cost in Oklahoma?
Bonds up to $25,000
1-Year Bond Starts at $100.00
1% of the Bond Amount
2-Year Bond Starts at $175.00
1.75% of the Bond Amount
3-Year Bond Starts at $250.00
2.5% of the Bond Amount