Delaware Viatical Settlement Broker License Bond

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Bond Penalty: $250,000 minimum

A Delaware Viatical Settlement Broker License Bond is a mandatory financial responsibility requirement for professionals engaging in the business of viatical settlements within the State of Delaware. This surety bond is required by the Delaware Department of Insurance under 18 Del. C. § 7503(h)(4)(b) and must be filed as a condition of licensing. The bond guarantees the broker’s compliance with applicable law and ethical business practices in the conduct of viatical settlement transactions.

The surety bond is issued in favor of the State of Delaware and serves as a financial safeguard for individuals who may suffer damages due to the broker’s failure to act, erroneous actions, or misconduct including fraud and unfair practices. The Insurance Commissioner is empowered to recover damages on behalf of affected parties under this bond. The coverage amount (also known as the “penal sum”) is determined by the Commissioner and must be adequate to satisfy potential claims, although the statute does not fix a uniform amount for all brokers.

The Delaware viatical broker license bond is written on a continuous basis but may be terminated by the surety with thirty (30) days’ written notice to the Commissioner. This allows for future risk management while maintaining the regulatory protection for consumers and the integrity of the viatical market. The bond must be issued by a corporate surety authorized to operate in Delaware. Questions and registration paperwork must be directed to:

Delaware Department of Insurance
Address: 1351 West North Street, Suite 101, Dover, DE 19904
Phone: (302) 674-7300
Fax: (302) 739-5280
Email: licensing@delaware.gov
Website: insurance.delaware.gov

Delaware surety bond leader, Surety One, Inc., specializes in the bonding needs financial institutions and investment professionals . We offer surety bonds and fidelity bonds to advisors, brokers and securities operators in all fifty states, Puerto Rico and U.S. Virgin Islands. Although applicant financial condition is a factor in bond underwriting, we have programs to fit EVERY credit condition. Call (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for a live chat with an underwriter about a Delaware viatical settlement broker license surety bond application or any other insurance need.

Surety bond application review and quoting are free of charge. There is no obligation to purchase.