In Arizona an insurance managing general agent must provide a Vermont managing general agent bond and be approved by the Vermont Department of Financial Regulation as such. Vermont defines an insurance managing general agent as any person who manages all or part of the insurance business of an insurer, acts as an agent for such insurer, and who either separately or together with affiliates, produces and underwrites an amount of gross written premium greater than or equal to five percent of the policyholder surplus of the insurer in any one quarter or year, and adjusts or pays claims in excess of $10,000.00, or negotiates reinsurance on behalf of the insurer. The Vermont insurance managing general agent bond guarantees that the MGA will “comply with all insurance laws of the State of Vermont (Title 8 Vermont Statutes Annotated) and all rules and regulations lawfully made by the Commissioner, and will pay to the Commissioner of Banking, Insurance, Securities and Health Care Administration and to any person or persons entitled thereto any and all monies that may become due and owing to the Commissioner of Banking, Insurance, Securities and Health Care Administration, or to such person or persons”. The nation’s surety leader, Surety One, Inc., is a specialist in the bonding needs of the financial services sector. We will issue these surety bonds for ALL experienced MGA applicants in every state that requires bonding of managing general agencies. We also offer superlative fidelity bond coverages to protect against losses due to employee dishonesty. Visit the surety leader at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com, for a Vermont Managing General Agent Bond application or information about any bond product.
