An individual or business entity that chooses to operate as a TPA in Maine must provide a Maine third party administrator bond and be properly licensed by the state. A third party administrator, or “TPA” defined by Maine statute is any person who, on behalf of a plan sponsor, health care service plan, health maintenance organization or insurer, receives or collects charges, contributions or premiums for, or adjusts or settles claims on residents of Maine in connection with any type of life, annuity, health, workers’ compensation or employee benefit excess insurance benefit provided in or as an alternative to insurance as defined by sections 702 to 704, former Title 39 or Title 39-A. The third party administrator bond amount is determined by premium and contribution volume. You may review the formulas here. The surety bond obligation guarantees that the TPA will comply with the laws of the State of Maine pertaining to Third Party Administrators by the full accounting and due payment, to the person entitled thereto, of any funds coming into the possession of the licensee. Surety One, Inc., is the best resource for the bonding needs of the 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 a Maine third party administrator bond application or information about a TPA bond need in any state where one may be required.
