{"id":1409,"date":"2014-07-13T22:31:08","date_gmt":"2014-07-13T22:31:08","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1409"},"modified":"2017-01-03T16:20:31","modified_gmt":"2017-01-03T16:20:31","slug":"arizona-third-party-administrator-surety-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/arizona-third-party-administrator-surety-bond\/","title":{"rendered":"Arizona Third Party Administrator Surety Bond"},"content":{"rendered":"

According to the Arizona Department of Insurance,\u00a0state statutes require life and health insurance administrators operating in the state to be registered with the Department and provide an Arizona third party administrator surety bond<\/a><\/strong>, unless they are exempt by statute (A.R.S. \u00a720-485.12 et seq.). \u00a0(Life and Health Administrators are more commonly referred to as third party administrators (TPAs).) \u00a0Generally, at “TPA” is defined under Arizona law as\u00a0any person who collects charges or premiums from or paid on behalf of, or who adjusts or settles claims by, residents of the state in connection with life or health insurance coverage or annuities.<\/p>\n

An applicant for a license to operate must multiple requirements, many of which address the TPA’s solvency and financial responsibility. \u00a0You may review those requirements at http:\/\/www.azinsurance.gov\/forms\/Outline_of_TPA_requirements.pdf<\/a>. \u00a0The surety bond amount must be equivalent to ten percent of the \u201ctotal funds handled\u201d (relating to Life & Health coverage on Arizona residents), or $5,000 (whichever is greater). Funds handled include premiums collected for and\/or claims paid on behalf of an \u201cinsurer.\u201d \u00a0The Arizona third party administrator bond<\/strong> form states the the Principal shall faithfully perform (his\/her\/its) duties as Administrator and fulfill all obligations imposed upon him\/her\/it by the provisions of Title 20, Chapter 2, Article 9, Arizona Revised Statutes. \u00a0Said provisions generally require the TPA to act in a fiduciary capacity while handling charges, premiums, return premiums or any other funds belonging to others while performing the duties of a TPA, however the obligation is also a license\/permit compliance surety guarantee which backs the TPA’s promise to file the appropriate annual financial reports and other license specific responsibilities. \u00a0Application materials and the surety bond, as well any inquiries should be submitted to the DOI at:<\/p>\n

Arizona Department of Insurance
\nLife and Health Division
\nArizona Life and Health Administrator Surety Bond<\/strong>
\n2910 N. 44th Street, Ste. 210
\nPhoenix, AZ 85018
\n(602) 364-2393<\/p>\n

Arizona surety leader<\/strong>, Surety One, Inc. is a specialist in the bonding needs third party administrators, managing general agents as well as all insurance professionals. \u00a0We offer both surety and fidelity bonds needed by these business classes in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Visit us at SuretyOne.com<\/a>, call (787) 333-0222<\/span> or (800) 373-2804<\/span>, or email us at Underwriting@SuretyOne.com<\/span> for an Arizona third party administrator surety bond<\/a><\/strong>\u00a0application or information on ANY surety bonding need. \u00a0Tambi\u00e9n nuestra asesor\u00eda est\u00e1 disponible en SU idioma.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to the Arizona Department of Insurance,\u00a0state statutes require life and health insurance administrators operating in the state to be registered with the Department and provide an Arizona third party administrator surety bond, unless they are exempt by statute (A.R.S…. Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[1763,1764,1759,1758,1761,1760,1762,1756,1757],"yoast_head":"\nArizona Third Party Administrator Surety Bond • Surety One, Inc.<\/title>\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\/arizona-third-party-administrator-surety-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Arizona Third Party Administrator Surety Bond • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"According to the Arizona Department of Insurance,\u00a0state statutes require life and health insurance administrators operating in the state to be registered with the Department and provide an Arizona third party administrator surety bond, unless they are exempt by statute (A.R.S.... 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