What is a Georgia Surplus Lines Broker Bond?
A Surplus Lines Broker's Bond is required for those applying or who have previously applied to the Commissioner of Insurance of the State of Georgia for a license to place surplus lines of insurance with not admitted insurers. The surplus line bond requirement is pursuant to the provisions of the Official Code of Georgia Annotated (sections 33-5-20 through 33-5-35), as amended.
The surety bond is conditioned upon compliance with the requirements the Official Code of Georgia and the annual and quarterly filing of a sworn statements of the gross insurance premiums, and gross premiums returned for cancelations. Additionally, the principal is obligated to pay to the Commissioner of Insurance of the State of Georgia the required percentage of gross premiums, less return premiums, and to properly account to all customers for monies or premiums collected in conjunction with insurance transactions.
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Why is a Georgia Surplus Lines Broker Bond Required?
The Georgia Surplus Lines Broker's Bond is in a penal sum of $50,000 and its purpose is to ensure compliance with insurance placement protocols as outlined in Georgia Code Section 33-5-25, remittance of taxes provided in Georgia Code Section 33-5-31, proper accounting to anyone requesting to obtain insurance for funds or premiums collected in connection with such insurance, and accordance with this title.
Surplus Lines Broker Bonds And Getting Your Georgia Business License/Registration
- Completed Resident Insurance License Application
- Surplus Lines Broker Surety Bond in the amount of $50,000
- Completed Citizenship Affidavit Form GID-276-EN verifying lawful presence of all new and renewal applicants
- All New Applicants, excluding active licensees and individuals applying for reinstatement within 6 months of expiration date, must submit electronic fingerprints for a criminal background check. Fingerprinting information can be found on the department’s website.
- Payment of application fee to the Georgia Insurance Department
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