A Virginia premium finance company bond is one of the statutory prerequisites of offer insurance premium financing services in the Commonwealth. Pursuant to law, any person engaged in whole or in part in financing premiums for insurance on subjects of insurance resident, located or to be performed in the Commonwealth of Virginia shall be an insurance premium finance company and subject the Code of Virginia Chapter§ 38.2. The Virginia insurance premium finance company bond is contemplated under § 38.2-4708, (2.) The Commission is empowered to require an insurance premium finance company to enter into bond with surety approved by the Commission, in the amount determined as reasonable by the Commission, and conditioned to protect its customers and the public in the manner required by law. The Virginia premium finance company bond must be written in the amount of fifty thousand dollars and on form VAPF4, provided by the Bureau of Insurance. The surety bond obligation states that the Virginia insurance premium finance company bond shall be for the use and benefit of the Commonwealth of Virginia and for any person having a cause of action against the Principal arising out of breaches of the above-mentioned laws and regulations. Virginia surety leader, Surety One, Inc., specializes in bonds for the insurance and financial services sector. We will offer terms to ALL applicants for this bond class. We also offer superlative fidelity bond coverages to protect against losses due to employee dishonesty. Visit SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for a Virginia premium finance company bond application or information about premium finance company bonds in any state where you wish to obtain a license.
