{"id":1048,"date":"2013-05-05T05:16:48","date_gmt":"2013-05-05T05:16:48","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1048"},"modified":"2018-10-25T19:01:05","modified_gmt":"2018-10-25T19:01:05","slug":"illinois-insurance-producer-bond-2","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/illinois-insurance-producer-bond-2\/","title":{"rendered":"Illinois Insurance Producer Bond"},"content":{"rendered":"

An Illinois insurance producer bond<\/a>\u00a0<\/strong>is required for licensing as an insurance agent when the producer is acting in the capacity of an independent broker. Pursuant to Sec. 500-130<\/a>, a\u00a0producer who places insurance with an insurer with which he does not have an agency contact must post an Illinois Insurance producer bond<\/strong> in favor of the people of the State of Illinois executed by an authorized surety company and payable to any party injured under the terms of the bond. The bond shall be continuous, in the amount of $2,500 or five percent of the premiums brokered in the previous calendar year, whichever is greater however the bond need not exceed $50,000. This surety bond guarantees full accounting and due payment to the person or company of the premiums coming into the insurance producer’s possession as an incident to insurance transactions under the license or surplus line insurance transactions under the license as a surplus line producer.\u00a0Producers employed by a licensed insurance business entity may meet the requirements of the law with a bond in the name of the business entity, continuous in form, and in the amounts set forth as above. A producer can also meet the requirements of the statute with an Illinois insurance producer bond<\/strong> in the name of an association however the association must have been in existence for a minimum of five years, have common membership, and been formed for a purpose other than obtaining bond.\u00a0Each producer is responsible for assuring that a producer bond is valid with the association.<\/p>\n

Illinois surety bond leader<\/strong><\/a>,\u00a0Surety One, Inc.\u00a0specializes in bonding for the insurance and financial services sector.\u00a0We offer fair terms regardless of applicant credit and financial statement condition for all surety obligations.\u00a0 Superlative\u00a0fidelity bond<\/a>\u00a0coverages geared specifically to insurance agency operations are also available.\u00a0Visit\u00a0SuretyOne.com<\/a>, call\u00a0(800) 373-2804<\/span>, or email\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for an\u00a0Illinois insurance producer bond<\/strong>\u00a0application or information about\u00a0surety bonds\u00a0in any state where you wish to obtain a producer or surplus lines authority.<\/p>\n","protected":false},"excerpt":{"rendered":"

An Illinois insurance producer bond\u00a0is required for licensing as an insurance agent when the producer is acting in the capacity of an independent broker. Pursuant to Sec. 500-130, a\u00a0producer who places insurance with an insurer with which he does not… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":2795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[2470,1294,771,767,769,2471,1295,1991,2449,2452,2468,2469,2466,2467,1734,1871],"yoast_head":"\nIllinois Insurance Producer Bond • Surety One, Inc.<\/title>\n<meta name=\"description\" content=\"An Illinois insurance producer bond is required for licensing as an insurance agent when the producer is acting in the capacity of an independent broker.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/illinois-insurance-producer-bond-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Illinois Insurance Producer Bond • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"An Illinois insurance producer bond is required for licensing as an insurance agent when the producer is acting in the capacity of an independent broker.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/illinois-insurance-producer-bond-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety One, Inc.\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Surety1\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/Surety1\" \/>\n<meta property=\"article:published_time\" content=\"2013-05-05T05:16:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-10-25T19:01:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/suretyone.com\/blog\/wp-content\/uploads\/illinois-insurance-producer-bond.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:site\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"C. 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