An individual or business entity that wishes to operate as a TPA in Iowa must provide an Iowa third party administrator bond and be properly licensed. A third party administrator, or “TPA” defined by Iowa statute as a person who collects charges or premiums from,or who adjusts or settles claims on, residents of the state in connection with life or health insurance coverage or annuities other than any of eleven classes insureds. The full text of the regulated statute 510 can be found here. The third party administrator bond amount is determined by premium and contribution volume. You may review the formulas here. The Iowa third party administrator surety bond obligation guarantees that the TPA will make a full accounting and payment to the person or company entitled thereto of funds coming into the TPA’s possession as an incident to Third Party Administrator transactions . Surety One, Inc., is the best resource for the bonding needs of the insurance and financial sector. We will issue these bonds for ALL qualified and experienced applicants regardless of temporary fluctuations in financial statement or credit condition. We also offer superlative fidelity bond coverages to protect against losses due to employee dishonesty. Visit the nation’s surety leader at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for an Iowa third party administrator bond application or information about a TPA bond need in any state where one may be required.
