What is the required amount of the bond for surplus lines brokers?
• A bond in favor of the state of Washington for $20,000. • A bond in favor of the people of the state of Washington for a minimum of $2,500, or 5 percent of the premiums brokered in the previous calendar year, or a maximum of $100,000. You must have both these bonds in place prior to doing business, but you are not required to submit the bonds to the Office of the Insurance Commissioner.
Related Questions
- Now that the fees for the surplus line brokers and special lines surplus line brokers license have been reduced, how can I request a refund on my overpayment?
- When do the new surplus line brokers and special lines surplus line brokers license fees take effect?
- Does the DOI examine surplus line brokers?
